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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
5••••••• L••term loan first lien$1.2M$1.1M
95c
S+300 bpMar 31, 2028
A••••• D••••••••• L••revolver first lien$1.8M$1.1M
100c
S+525 bpFeb 21, 2030
L•••••• G••••• I••term loan first lien$1.3M$1.1M
83c
S+675 bpFeb 26, 2027
A••••••• H••••• H•••••••• L••term loan first lien$1.1M$1.1M
100c
S+475 bpMay 3, 2028
E•••••••• A••••••••• C•• I••revolver first lien$3.0M$1.0M
101c
S+525 bpJun 23, 2030
E•••• A••••••••• L••term loan first lien$1.1M$1.0M
92c
S+650 bpSep 30, 2027
L••• O•• P•••••••• C•••••••••term loan first lien$1.0M$1.0M
100c
S+25 bp
PIK 7.00%
Jun 21, 2028
H••••••• U••• L••delayed draw term loan first lien$1.3M$999,000
100c
S+500 bpJun 3, 2027
P•••••••• M••• C•••••••••revolver first lien$3.7M$996,000
102c
S+550 bpApr 26, 2029
M•••• U••• I••revolver first lien$2.5M$980,000
100c
S+475 bpFeb 28, 2030
H••••••• A••••••••• I••revolver first lien$2.2M$977,000
100c
S+575 bpMar 9, 2027
P•••••• H••• H••••• A••••••••• L••delayed draw term loan first lien$9.1M$967,000
101c
S+575 bpNov 3, 2027
G••• M•••• H•••••••• I••delayed draw term loan first lien$2.8M$967,000
100c
S+575 bpMar 17, 2027
A••••••• E••••••••• G••••• L••term loan first lien$2.5M$946,000
40c
S+700 bpDec 30, 2027
C•••••••• C••• P•••••••• L••term loan first lien$922,000$920,000
100c
S+600 bpJun 10, 2026
S•• E•• a•• A•••••• S•••••••• L••term loan first lien$919,000$918,000
100c
S+600 bpMar 25, 2027
M••••••••• L••term loan first lien$917,000$912,000
100c
S+625 bp
PIK 0.50%
May 17, 2027
G••••• B••••• L••revolver first lien$3.6M$908,000
100c
S+525 bpMay 1, 2030
M•• K••••• A••••••••• L••term loan first lien$908,000$899,000
99c
S+600 bpJun 4, 2027
K••••• A••• C•••• L••term loan first lien$1.4M$898,000
66c
S+500 bpDec 22, 2027
B••••• O••• S••••••••• M••••••••• L••term loan first lien$894,000$894,000
100c
S+550 bpDec 14, 2026
A•••••• D••••• M••••••••• S•••••••• L••revolver first lien$1.5M$892,000
100c
S+525 bpFeb 7, 2030
T•••••••• F•••• L••revolver first lien$1.9M$890,000
100c
S+500 bpAug 1, 2031
Z•••••• L••••••••• L••revolver first lien$1.7M$890,000
68c
S+300 bp
PIK 3.00%
Sep 19, 2027
S••••••• A••••••••• L••delayed draw term loan first lien$893,000$889,000
100c
S+525 bp
PIK 1.75%
May 17, 2026
H• H•••••• I••term loan first lien$896,000$888,000
100c
S+600 bpMay 5, 2028
K•• P•••••••• G•••• L••revolver first lien$6.7M$879,000
100c
S+625 bpOct 6, 2027
S•••• S•••• B•••• L••term loan first lien$880,000$872,000
100c
S+500 bpOct 5, 2028
S••• D••••• P••••••• L••revolver first lien$1.5M$853,000
101c
S+550 bpDec 22, 2028
F•••• S•••• R••••••• A••••••••• L••revolver first lien$4.5M$852,000
101c
S+475 bpNov 18, 2030
6•• H••••••• E••••• L••term loan first lien$855,000$846,000
100c
S+600 bpFeb 14, 2028
A••••• A••••••••• L••term loan first lien$841,000$833,000
100c
S+600 bpJun 30, 2028
B••••• B••••• L••term loan first lien$1.4M$832,000
60c
S+275 bp
PIK 3.50%
May 31, 2026
S•••••••• P•••••• C••• P•••••••• L••term loan first lien$836,000$831,000
100c
S+525 bpDec 30, 2027
S••••• F•••• M••• L••revolver first lien$1.5M$828,000
100c
S+525 bpDec 31, 2028
T•••••••• G•••••• L••term loan first lien$2.5M$815,000
36c
S+850 bpJun 30, 2027
B••••• O••• S••••••••• M••••••••• L••delayed draw term loan first lien$810,000$810,000
100c
S+550 bpDec 14, 2026
P••• M• P••••••••• I••term loan first lien$1.1M$794,000
76c
S+600 bp
PIK 0.50%
May 20, 2027
J•••••• L••••••••• H••••••• L••revolver first lien$3.1M$786,000
101c
S+575 bpDec 29, 2027
M••••••• P•••• G•••• C•••term loan first lien$785,000$785,000
100c
S+600 bpApr 22, 2026
P•••••• H••• H••••• A••••••••• L••revolver first lien$2.0M$770,000
101c
S+575 bpNov 3, 2027
E••••••••• P••••••• P•••••••• L••revolver first lien$2.0M$767,000
100c
S+550 bpNov 2, 2027
A•• I••••••••• I••delayed draw term loan first lien$7.9M$763,000
102c
S+575 bpJul 29, 2027
T••• P•••••••• L••revolver first lien$3.9M$757,000
101c
S+375 bpApr 22, 2030
D••••• E• C••••••• L••term loan first lien$795,000$749,000
97c
S+400 bp
PIK 2.25%
Jun 21, 2028
M••• M••••••••• L••delayed draw term loan first lien$1.4M$746,000
101c
S+550 bpFeb 14, 2028
S••••••• S••••• M••••••• P•••••••• L••term loan first lien$755,000$735,000
99c
11.93%
PIK 8.00%
Feb 23, 2027
V•••• G••••••••• G•••• B••••• I••revolver first lien$2.4M$724,000
101c
S+475 bpAug 15, 2031
A••••••• B••••• I••revolver first lien$3.2M$713,000
104c
S+525 bpMar 12, 2031
G••••••• D•••••••• P••••••• M••••••••• L••revolver first lien$4.6M$711,000
101c
S+450 bpAug 20, 2027
C•••••• R••••••••• I••••••••• H•••••••• L••delayed draw term loan first lien$2.5M$710,000
100c
S+525 bpJan 31, 2030
A••••• C••••• A••••••••• C•••revolver first lien$2.4M$698,000
100c
S+475 bpMar 23, 2032
Q•••••• L•••••• S••••••• o• N•••• A••••••• I••revolver first lien$1.6M$697,000
100c
S+600 bpMay 2, 2028
A•• P•••••••• I••revolver first lien$6.0M$696,000
102c
S+450 bpJul 16, 2031
C••••••• S•••••••• L••term loan first lien$1.5M$688,000
46c
4.00%
PIK 4.00%
Oct 17, 2028
S••••••• B••••••••• A••••••••• L••term loan first lien$781,000$673,000
88c
S+525 bpApr 30, 2028
S•• B••••• L••term loan first lien$737,000$667,000
92c
S+650 bpJan 20, 2027
V•••••••• M••••••••• L••delayed draw term loan first lien$4.5M$632,000
101c
S+525 bpNov 25, 2029
S•••• M••••• S•• L••term loan first lien$636,000$631,000
100c
S+600 bpApr 7, 2027
P••• D••••• S•••••••• L••term loan first lien$678,000$610,000
90c
S+675 bp
PIK 6.75%
Apr 30, 2026
P• a•• R• D••••• S••••••••• L••term loan first lien$613,000$610,000
100c
S+575 bpDec 22, 2027
P•• A••••••••• L••term loan first lien$625,000$596,000
97c
S+425 bp
PIK 2.50%
Sep 30, 2027
T••••••••• A••••••••• L••revolver first lien$2.3M$581,000
101c
S+500 bpSep 12, 2030
P••• D••••• S•••••••• L••delayed draw term loan first lien$618,000$557,000
90c
S+675 bp
PIK 6.75%
Apr 30, 2026
P•• A••••••••• L••term loan first lien$557,000$550,000
100c
S+650 bpMay 12, 2028
M•••••••• C••••• A••••••••• I••revolver first lien$3.4M$550,000
100c
S+550 bpSep 2, 2027
V•••••••• M••••••••• L••revolver first lien$1.5M$543,000
101c
S+525 bpNov 25, 2029
Q•••• B••••••• L••term loan first lien$519,000$515,000
100c
S+200 bp
PIK 4.00%
May 5, 2027
C•••••• R••••••••• I••••••••• H•••••••• L••revolver first lien$1.2M$515,000
100c
S+525 bpJan 31, 2030
W•••••• V••••••••• P••••••• L••delayed draw term loan first lien$491,000$488,000
100c
S+525 bpOct 29, 2027
H•• I••••••••• L••revolver first lien$2.6M$487,000
101c
S+500 bpMar 1, 2030
C••••• A••••••••• H•••••••• L••term loan first lien$488,000$486,000
100c
S+650 bpAug 30, 2027
G••• M•••• H•••••••• I••revolver first lien$1.4M$477,000
100c
S+575 bpMar 17, 2027
A••••••• H•••••• C•••delayed draw term loan first lienNot disclosed$463,000
89c
S+500 bpApr 9, 2027
V•••••• P••••• I••revolver first lien$1.6M$457,000
101c
S+475 bpMar 28, 2029
F••••••••• B••••• L••term loan first lien$531,000$455,000
87c
S+675 bpSep 22, 2029
D••••••• A••• L••revolver first lien$2.0M$450,000
102c
S+500 bpOct 22, 2027
A•••••• L••term loan first lien$550,000$444,000
81c
S+200 bp
PIK 5.00%
Nov 12, 2026
E••••• E•••••••• C••••••• L••revolver first lien$439,000$437,000
100c
S+625 bpJul 16, 2026
H••••• E•••••••• A••••••••• L••revolver first lien$1.3M$422,000
100c
S+550 bpAug 2, 2029
L••••••••• L••revolver first lien$3.0M$412,000
101c
S+500 bpDec 5, 2030
I••••••••• F••••••• L••term loan first lien$941,000$399,000
78c
S+700 bp
PIK 20.00%
Jan 23, 2027
A••••••• H•••••• C•••revolver first lien$2.9M$390,000
101c
S+500 bpOct 9, 2028
P•••••••• P•••• M••••••• I••revolver first lien$2.0M$383,000
101c
S+400 bpJul 1, 2031
G••••••• D•••••••• P••••••• M••••••••• L••term loan first lien$379,000$378,000
100c
S+550 bpAug 20, 2027
U••••• L••• S••••••• O••• P•••••• L••delayed draw term loan first lien$370,000$369,000
100c
S+600 bpMar 23, 2027
U•••••••• P•••• L••delayed draw term loan first lien$368,000$363,000
100c
S+600 bp
PIK 2.00%
Oct 31, 2028
G••••••• D•••••••• P••••••• M••••••••• L••delayed draw term loan first lien$364,000$362,000
100c
S+550 bpAug 20, 2026
L••• O•• P•••••••• C•••••••••revolver first lien$3.6M$350,000
99c
S+725 bpJun 21, 2028
U••••• L••• S••••••• O••• P•••••• L••term loan first lien$347,000$347,000
100c
S+600 bpMar 23, 2027
B••••• B••••• L••delayed draw term loan first lien$576,000$345,000
60c
S+275 bp
PIK 3.50%
May 31, 2026
M••••••• P•••• G•••• C•••delayed draw term loan first lien$342,000$342,000
100c
S+600 bpApr 22, 2026
E•• B••••• L••delayed draw term loan first lien$353,000$332,000
95c
S+625 bpAug 31, 2027
F•••••• B•••• L••term loan first lien$333,000$332,000
100c
S+600 bpSep 30, 2026
S•••••• L••revolver first lien$3.0M$314,000
102c
S+525 bpAug 5, 2029
T•• C••••••••• G••••• L••revolver first lien$3.4M$304,000
102c
S+550 bpMar 22, 2029
F••••••••• B••••• L••delayed draw term loan first lien$345,000$301,000
89c
S+675 bpSep 22, 2026
A••••• A••••••••• L••revolver first lien$759,000$297,000
100c
S+600 bpJun 30, 2028
P••• I••••••••• H•••••••• L••revolver first lien$363,000$293,000
99c
S+750 bpDec 31, 2026
T•••••• S••• A••••••••• L••revolver first lien$1.2M$289,000
100c
S+450 bpFeb 20, 2031
Page 5 of 11PreviousNext
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