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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.

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

Fair value: $22B
Borrowers: 792
Mark on cost: 98.3¢
First lien: 77%

Schedule of investments (1,719)Quarter by quarter Sponsors

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

What matters now

$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•• →
$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•• →
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
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 →
$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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$23B	792	98c	91	493 bp
Mar 31, 2026	$22B	801	99c	83	495 bp
Dec 31, 2025	$22B	825	100c	68	490 bp
Sep 30, 2025	$20B	793	101c	70	481 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$16B	714	101c	54	485 bp
Mar 31, 2025	$14B	638	100c	41	477 bp
Dec 31, 2024	$12B	575	100c	31	466 bp
Sep 30, 2024	$7.4B	449	100c	30	470 bp
Jun 30, 2024	$5.4B	392	101c	23	453 bp
Mar 31, 2024	$3.5B	320	101c	19	467 bp
Dec 31, 2023	$2.6B	259	101c	17	458 bp
Sep 30, 2023	$1.9B	218	100c	6	451 bp
Jun 30, 2023	$942M	155	100c	0	442 bp
Mar 31, 2023	$334M	126	100c	0	387 bp
Dec 31, 2022	$133M	105	100c	0	364 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 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

Full timeline · 20 events

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

Every position change, including routine ones

Largest facilities held, with co-lenders

A••• L•• unsecured or subordinated subordinated debt
1 BDC hold it · matures Oct 1, 2035
$755M 100c
D••••• M•••• 2• L•• first lien term loan
23 BDCs hold it · matures Aug 26, 2032
$228M 96c
C••••• H•••••• L• unsecured or subordinated term loan
2 BDCs hold it · matures Mar 1, 2031
$224M 100c
R••••••• V•••••• D••• C•••••• I••••••••• H•••••• L• unsecured or subordinated term loan
2 BDCs hold it · matures Dec 1, 2031
$204M 102c
W••••••• I••••••••• I•• L•• first lien term loan
2 BDCs hold it · matures Sep 1, 2032
$180M 99c
P••• C••• first lien term loan
13 BDCs hold it · matures Dec 20, 2032
$175M 99c
H••••••• T•••• L•• first lien term loan
5 BDCs hold it · matures Jun 1, 2032 · possible sponsor R•••••••• P••••••• L•
$163M 100c
R•••• I•• L•• first lien term loan
2 BDCs hold it · matures Apr 1, 2029 · possible sponsor M•••••• C•••••• M••••••••• L••
$156M 100c
B•• M••••••• I•• first lien term loan
6 BDCs hold it · matures Mar 31, 2032
$148M 85c
G••• B•••• I•• first lien term loan
3 BDCs hold it · matures Oct 25, 2031
$148M 101c
N•••••• H•••••••• I•• first lien term loan
15 BDCs hold it · matures Feb 3, 2033
$145M 100c
C•••••• C••• first lien term loan
7 BDCs hold it · matures Mar 5, 2032
$139M 101c

Schedule of investments at Dec 31, 2024

991 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••• 2•• I••• a•• P•••••• A••••••• T••••••••• I•••	term loan first lien	$21.2M	$21.2M 102c	S+675 bp	Nov 1, 2028
A••••• H••••• I•••	term loan first lien	$21.3M	$21.2M 100c	S+225 bp	Sep 1, 2031
D••••••• C•••••••••	term loan first lien	$21.0M	$21.0M 101c	S+500 bp	Aug 1, 2030
P•••• I••••••••• I••• L••	term loan first lien	$20.9M	$21.0M 101c	S+300 bp	Oct 1, 2031
A••••••• H••••••• ••• C•••• a•• C••••••••• C•••••• A• S••• L•	term loan first lien	$20.8M	$20.8M 102c	S+525 bp	Jul 1, 2030
F•••• L•••• I•••	term loan first lien	$20.6M	$20.6M 108c	11.00%	Nov 1, 2028
E•••••• D••• M••••• S•• L••	term loan first lien	$20.5M	$20.6M 100c	S+250 bp	Aug 1, 2031
R••••• H•••••••• I•••	term loan first lien	$20.3M	$20.5M 101c	S+450 bp	Feb 1, 2030
F•• A••••••••• I•••	term loan first lien	$20.3M	$20.4M 100c	S+375 bp	Mar 1, 2028
M••• D••••••• L••• P•••••••• T••••• P•••••• a••••••••• i•••••••••	unstated lien unstated	Not disclosed	$20.4M 100c	11.00%
L•• W•••••••• P•••••••• L•• a•• L•• W•••••••• H••••••• L•	term loan first lien	$20.6M	$20.3M 100c	S+500 bp	Jul 1, 2031
D•••••• A••••••••• C••• I•••	term loan first lien	$20.2M	$20.3M 100c	S+225 bp	Oct 1, 2031
A•••••••• L••	term loan first lien	$20.2M	$20.2M 100c	S+300 bp	Nov 1, 2030
S••••• M••••• H••••• L••• P•••••• a•••• b••••• i•••••••••	term loan first lien	$20.1M	$20.1M 100c	S+300 bp	Dec 1, 2025
B••••• G•••• I•••	term loan first lien	$20.0M	$20.0M 100c	S+300 bp	Dec 1, 2031
Z••••• I•••	term loan first lien	$20.0M	$19.9M 100c	S+350 bp	Dec 1, 2031
7••••• N••• L•••	term loan first lien	$20.3M	$19.8M 100c	S+550 bp	Dec 1, 2030
G••••• S•••• F•••• L••	term loan first lien	$19.6M	$19.8M 101c	S+425 bp	Oct 1, 2031
N•• C•••••••• H••••• L•• a•• V•••••• T••••• L•	term loan first lien	$19.5M	$19.5M 102c	S+550 bp	Nov 1, 2029
C••• I••••••••• B••••• I••• a•• C••• A•• B•••• I•••	term loan first lien	$19.4M	$19.5M 101c	S+350 bp	Oct 1, 2031
Q•••••••• A••••••••• L••	term loan first lien	$19.3M	$19.5M 101c	S+275 bp	Jun 1, 2030
B•• I••••••••• H•••••• L••	term loan first lien	$19.3M	$19.4M 100c	S+325 bp	Apr 1, 2031
K•••• C•••••••••	term loan first lien	$18.9M	$19.0M 100c	S+350 bp	Apr 1, 2031
M•••••• B•••• I•••	term loan first lien	$18.8M	$18.9M 100c	S+325 bp	Jul 1, 2031
R•••••••• I•••	term loan first lien	$18.9M	$18.9M 100c	S+300 bp	Apr 1, 2028
A•••• A•••••••• L••	term loan first lien	$18.7M	$18.5M 100c	S+500 bp	Jul 1, 2030
P•• P•••••••• L•• • P•• P•••••••• F•••••• C•••	term loan first lien	$18.6M	$18.5M 100c	S+375 bp	Feb 1, 2030
C••••• B•••• S•• r•••	term loan first lien	$18.3M	$18.5M 101c	S+350 bp	Jul 1, 2029
N••• H•••••• I•••	term loan first lien	$18.6M	$18.4M 101c	S+825 bp	Jul 1, 2028
M••••• C•• W••• H•••••••• I•••	term loan first lien	$18.3M	$18.3M 100c	S+275 bp	Mar 1, 2031
G•••••• W•••••••• O••••••••• U••• I•••	term loan first lien	$18.4M	$18.3M 101c	S+200 bp	Nov 1, 2027
R•••• B•••••••• L•• a•• R•••• P•••••• L•	term loan first lien	$18.6M	$18.3M 100c	S+525 bp	Jul 1, 2030
K•••• B••••• L••	term loan first lien	$18.2M	$18.2M 101c	S+525 bp	Oct 1, 2027
N•••• T••••••••• C••••	term loan first lien	$18.1M	$18.1M 100c	S+300 bp	Nov 1, 2031
A•••••• H••••••• I•••	term loan first lien	$18.0M	$18.1M 101c	S+475 bp	Oct 1, 2031
B••• I••••••• P••••••••• I•••	term loan first lien	$18.1M	$18.1M 102c	S+900 bp PIK 13.63%	Oct 1, 2030
G••• 2••••••	term loan lien unstated	$19.6M	$18.0M 100c	12.30%	Jan 1, 2038
A•• R• B•••• C••••	term loan first lien	$18.0M	$17.9M 100c	S+400 bp	Dec 1, 2028
S• A••••• G••••• L•• a•• S• A••••• G••••• H••••••• L••••••	term loan first lien	$18.3M	$17.9M 98c	S+525 bp	Jun 1, 2030
T••••••••• O•••••••• C•••••• L•••	term loan first lien	$17.6M	$17.7M 101c	S+325 bp	Nov 1, 2028
C•••••••• B••••• I•••	term loan first lien	$17.5M	$17.5M 100c	S+475 bp	Feb 1, 2028
T•••• H••••••• L••	term loan first lien	$17.3M	$17.4M 101c	S+475 bp	Mar 1, 2031
A•••••• H•••••• I•••	term loan first lien	$17.8M	$17.4M 99c	S+300 bp	May 1, 2030
I••••• I•••	term loan first lien	$17.3M	$17.3M 101c	S+500 bp	Oct 1, 2031
B••• E••••• H•••••••• I•••	term loan first lien	$17.2M	$17.3M 100c	S+350 bp	Dec 1, 2028
S•••• P••••••••• I•••	term loan first lien	$17.3M	$17.3M 102c	S+550 bp	Apr 1, 2031
C••••••••• M••••• L••	term loan second lien	$17.2M	$17.2M 100c	S+525 bp	May 1, 2028
L•••••••• B••••• I•••	term loan first lien	$17.2M	$17.2M 101c	S+500 bp	May 1, 2030
P•••••• A•••• I••••••••• H••••••• I••• a•• Q••• P•••••• I•••	term loan first lien	$17.0M	$17.1M 101c	S+325 bp	Oct 1, 2030
W•••• I•••••••• A••••••••• L•• a•• W•••• A••••••••• H•••••••• L••	term loan first lien	$17.1M	$17.1M 101c	S+575 bp	Apr 1, 2028
T•••••• G•••••••••	term loan first lien	$16.8M	$16.8M 101c	S+300 bp	Oct 1, 2031
D••••• U• B•••• I•••	term loan first lien	$16.7M	$16.8M 101c	S+400 bp	Oct 1, 2031
L•• H•••••••• I•••	term loan first lien	$16.7M	$16.7M 101c	S+475 bp	Jul 1, 2029
T•••••••• I•••	term loan first lien	$16.5M	$16.6M 100c	S+275 bp	Mar 1, 2030
S••• H••••••• S•• r•••	term loan first lien	$16.4M	$16.5M 100c	S+350 bp	Mar 1, 2027
D••••••••• H•••••••• L••	term loan first lien	$16.6M	$16.5M 100c	S+475 bp	Aug 1, 2031
L•••••••• I••••••••• H•••••• L•• a•• L•••••••• H•••••••• L•••	term loan first lien	$16.4M	$16.4M 102c	S+750 bp	Dec 1, 2027
X•••• T•• L••	term loan first lien	$16.1M	$16.3M 101c	S+350 bp	Jun 1, 2031
S• N•••• 2• I••	term loan first lien	$16.2M	$16.2M 101c	S+475 bp	Jun 1, 2031
I••••••• I•••	term loan first lien	$15.8M	$16.0M 101c	S+325 bp	Oct 1, 2030
M•••• L••	term loan first lien	$15.7M	$15.8M 101c	S+400 bp	Dec 1, 2028
A••••• C••••••••• G••••• L••	term loan first lien	$15.6M	$15.6M 100c	S+350 bp	Dec 1, 2031
M•••••• S••••• • F••• L••	term loan first lien	$15.4M	$15.5M 101c	S+325 bp	Sep 1, 2031
M•••••• W••••• A•••••••• L••	term loan first lien	$15.5M	$15.5M 100c	S+275 bp	Aug 1, 2028
S•••••• L•••	term loan first lien	$15.2M	$15.3M 101c	S+300 bp	Oct 1, 2029
P•••••••• M••••••• G••••• L••	term loan first lien	$15.2M	$15.2M 100c	S+300 bp	Nov 1, 2027
K••••• B•• L••	term loan first lien	$15.0M	$15.0M 100c	S+375 bp	Dec 1, 2031
S••• U• B•••• L••	term loan first lien	$14.9M	$14.9M 100c	S+375 bp	Mar 1, 2027
3• S••• S••••• L••	term loan first lien	$16.6M	$14.9M 95c	S+800 bp PIK 1.50%	Oct 1, 2029
C••• H••••• I•••	term loan first lien	$14.8M	$14.8M 102c	S+700 bp	Apr 1, 2028
V•••• B••••• I•••	term loan first lien	$14.9M	$14.8M 100c	S+500 bp	Nov 1, 2031
P• I••••••••• C•••••• 5• S•• r•••	term loan first lien	$14.7M	$14.8M 101c	S+300 bp	Mar 1, 2031
L•••••••• H••••• I••	term loan first lien	$14.5M	$14.5M 101c	S+375 bp	May 1, 2031
P•••••• I••••••••• I•••	term loan first lien	$14.4M	$14.5M 101c	S+300 bp	Nov 1, 2028
L••• T••• F•••••• I••	term loan first lien	$14.4M	$14.4M 100c	S+250 bp	Nov 1, 2031
P•••••••• F••••• O••••• L•• a•• K•••• X• T••••••• C••••••••• L•••	term loan first lien	$14.3M	$14.3M 102c	S+500 bp	May 1, 2029
B••••• P•••••••• L•••••	term loan first lien	$14.2M	$14.3M 100c	S+350 bp	Jun 1, 2031
H•••• A••••••••• H•••••••• I•••	term loan first lien	$14.2M	$14.2M 102c	S+700 bp	Mar 1, 2030
B••••• U• B•••• L••	term loan first lien	$14.1M	$14.1M 102c	S+525 bp	Sep 1, 2030
S••••• M••••• H••••• L••• P•••••• a•••• b••••• i•••••••••	term loan first lien	$14.4M	$14.0M 100c	S+300 bp	Dec 1, 2025
S•• F•••• I•••	term loan first lien	$13.9M	$14.0M 100c	S+300 bp	Apr 1, 2029
V•••••• B•••• L••	term loan first lien	$14.3M	$14.0M 100c	S+375 bp	Nov 1, 2028
A•••• M•••••• I•••	term loan first lien	$14.0M	$13.9M 102c	S+675 bp	Dec 1, 2030
S•••••••• G•••• M•••• 2• G•••	term loan first lien	$14.0M	$13.8M 100c	S+450 bp	Dec 1, 2031
A••••••• L•••	term loan first lien	$13.9M	$13.8M 100c	S+325 bp	Jul 1, 2027
U••• I•••	term loan first lien	$13.7M	$13.7M 100c	S+225 bp	Sep 1, 2030
F•••••• V••••••• H•••••••• I••• a•• M••••••••• P••••••• F•••••• V••••••• C••••••••• L•	equity equity	Not disclosed	$13.5M 115c
E•• M••••••••• H••••••• L••	term loan first lien	$13.3M	$13.4M 100c	S+325 bp	May 1, 2030
W••••••••• L••	term loan first lien	$13.4M	$13.4M 100c	S+250 bp	Aug 1, 2028
Q•• P•••••• I•••	term loan first lien	$13.4M	$13.4M 100c	S+475 bp	Nov 1, 2031
W•••••• T••••••••• I•••	term loan first lien	$13.3M	$13.3M 100c	S+225 bp	Oct 1, 2029
C•••• S••••••• G••••• I••• a•• P••••• P•••••• I•••	term loan second lien	$13.1M	$13.3M 102c	9.00%	Sep 1, 2029
A••• C•••••• S••••••••• I•••	term loan first lien	$13.2M	$13.2M 101c	S+500 bp	Nov 1, 2029
B••••• P••••••••• L•• a•• B••••• T••••• L•••	term loan first lien	$13.2M	$13.2M 102c	S+475 bp	Jun 1, 2030
F••••••• A••••••••• I•••	term loan first lien	$13.2M	$13.2M 102c	S+650 bp	May 1, 2030
N•• G••••• I•••	term loan first lien	$14.4M	$13.2M 94c	S+550 bp PIK 1.50%	Aug 1, 2026
J••• B••• T••••••••• C•••••••••	term loan first lien	$13.0M	$13.1M 101c	S+225 bp	Oct 1, 2031
L• G•••• O••• A••••••••• L•• •• G•••• P••••• A••••••••• L•••	term loan first lien	$12.9M	$12.9M 100c	S+300 bp	Apr 1, 2031
H•••••• U• F••••• L•••	term loan first lien	$13.0M	$12.9M 100c	S+475 bp	Dec 1, 2031
T•••• A••••••••• L••	term loan first lien	$12.9M	$12.9M 100c	S+225 bp	Aug 1, 2028

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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