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A••• S•••••••• I••••• F•••

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

A non-traded business development company, managed by A••• C•••••• M••••••••• L••, holding $22B across 792 borrowers at Jun 30, 2026.

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

Fair value
$22B
Schedule of investments, 10-Q and 10-K
Borrowers
792
Schedule of investments, 10-Q and 10-K
Mark on cost
98.3¢
Schedule of investments, 10-Q and 10-K
First lien
77%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,719)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $45.6M
    on non-accrual, 1 borrower

    1 borrower on non-accrual, $45.6M principal; the largest is A••••••• P••••••• M••••••••• I•• ($45.6M).

    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 A••••••• P••••••• M••••••••• I•• →
  2. $45.6M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $45.6M principal: A••••••• P••••••• M••••••••• I•• ($45.6M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open A••••••• P••••••• M••••••••• I•• →
  3. 23 below 80¢
    $426M principal

    23 positions across 15 borrowers marked below 80¢ on cost, $426M 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. 83 → 91
    loans paying in kind

    Loans paying in kind rose from 83 to 91 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. $16B → $23B
    fair value, 4 quarters

    Its portfolio grew 41% at fair value over the last four quarters.

    Q2 2026 · A fast-growing book is deploying new capital.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1918712 · file 814-01512Show
Fair value
$22B
as of Jun 30, 2026
Principal held
$20B
debt pieces, the filer's figure
Cost
$22B
98c on cost, debt pieces
Unfunded
$3.5B
commitments not yet drawn
Positions
1,719
792 borrowers
First lien
77%
94% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
1,471
77 sponsors financed
Portfolio through time
Fair value by quarter end$23B as of Jun 30, 2026
Dec 31, 2022$133M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$23B79298c91493 bp
Mar 31, 2026$22B80199c83495 bp
Dec 31, 2025$22B825100c68490 bp
Sep 30, 2025$20B793101c70481 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$16B714101c54485 bp
Mar 31, 2025$14B638100c41477 bp
Dec 31, 2024$12B575100c31466 bp
Sep 30, 2024$7.4B449100c30470 bp
Jun 30, 2024$5.4B392101c23453 bp
Mar 31, 2024$3.5B320101c19467 bp
Dec 31, 2023$2.6B259101c17458 bp
Sep 30, 2023$1.9B218100c6451 bp
Jun 30, 2023$942M155100c0442 bp
Mar 31, 2023$334M126100c0387 bp
Dec 31, 2022$133M105100c0364 bp
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 Dec 31, 2023
418 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
D••• I•••••••• H••••••• L••unstated lien unstatedNot disclosedNot disclosed
F•••• O•••• L••unstated lien unstatedNot disclosedNot disclosed
P•••••• U•• I•••unstated lien unstatedNot disclosedNot disclosed
M•• G••••• I••••••••• L••• F•••••• V•• I••••••••• L••• M•• T••••• L•• a•• R••••••••• P•••••• a•• S••••••• B••••••unstated lien unstatedNot disclosedNot disclosed
P•••••••• F••••• O••••• L•• a•• K•••• X• T••••••• C••••••••• L•••unstated lien unstatedNot disclosedNot disclosed
O•••••••• I•••••••• A••••• L•• a•• M•••• A••••••••• H•••••••• L•unstated lien unstatedNot disclosedNot disclosed
I••••••• H••• S••••••• H•••••• I••• a•• I•• P••••• H•••••••• L•••unstated lien unstatedNot disclosedNot disclosed
L•••••••• I••••••••• H•••••• L•• a•• L•••••••• H•••••••• L•••unstated lien unstatedNot disclosedNot disclosed
N•••• H•••• F•••••• B••••• L••• F•••••• L••••• L•• a•• C•••••• P••• C••••••unstated lien unstatedNot disclosedNot disclosed
P••• S••••• L•• a•• A•• R•••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
H••••• S•••••• P•••••••• L•• a•• A•••• S•••••• P•••••••• L••unstated lien unstatedNot disclosedNot disclosed
B• P•• P••••••• L••unstated lien unstatedNot disclosedNot disclosed
G••• F• B•••• C•••• a•• G••• •• I•••••••• L•unstated lien unstatedNot disclosedNot disclosed
N••• H•••••• L••unstated lien unstatedNot disclosedNot disclosed
G••••••••• L••unstated lien unstatedNot disclosedNot disclosed
F••••••• U••• I•••• D• C••••••••• D•• a•• F••••••• E••••• S•• R•••unstated lien unstatedNot disclosedNot disclosed
C••• I••••••••• B••••• I••• a•• C••• A•• B•••• I•••unstated lien unstatedNot disclosedNot disclosed
F••••••• A••••••••• I•••unstated lien unstatedNot disclosedNot disclosed
Page 5 of 5Previous
Registration
Fiscal year end
1231reported
Incorporated
NYreported
On the SEC BDC report
2022 to 2026reported
Filings listed
14reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-054923reported