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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 Mar 31, 2025

1,145 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
W••••••••• F•••••••• I•••	equity equity	Not disclosed	$2.2M 130c
G••••••••• S••••••• H•••••••• L••	term loan first lien	$2.2M	$2.2M 101c	S+600 bp	Oct 1, 2029
C••• 2•••••	term loan lien unstated	$5.0M	$2.1M 99c	S+525 bp	Jan 1, 2038
M•••• 2••••••	term loan lien unstated	$2.1M	$2.1M 101c	S+500 bp	Jan 1, 2038
G•• 2••••••	term loan lien unstated	$2.1M	$2.1M 100c	S+570 bp	Jul 1, 2037
E•••• 2•••••	term loan lien unstated	$2.5M	$2.1M 93c	12.42%	Oct 1, 2037
B•••• 2•••••	term loan lien unstated	$2.6M	$2.1M 98c	12.50%	Oct 1, 2037
O••••• B••••• M••••• L•••••• S•••• C•••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.1M	$2.1M 102c	S+575 bp	Oct 1, 2027
V•••••• D••• C•••••• E••••• S•• r•••• P•••••• a•••• b••••• i•••••••••	unstated lien unstated	$2.1M	$2.1M 102c	S+675 bp	May 1, 2029
O•••••••• I•••••••• A••••• L•• a•• M•••• A••••••••• H•••••••• L•	equity equity	Not disclosed	$2.1M 101c
O••• 2••••••	term loan lien unstated	$2.0M	$2.1M 100c	S+550 bp	Oct 1, 2037
H•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 100c	S+540 bp	Oct 1, 2037
V••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+450 bp	Oct 1, 2036
O••• 2••••••	term loan lien unstated	$2.0M	$2.0M 101c	S+500 bp	Jul 1, 2036
C••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+500 bp	Jul 1, 2036
K•• 4•	term loan lien unstated	$2.0M	$2.0M 101c	S+430 bp	Oct 1, 2036
C••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+640 bp	Apr 1, 2037
A•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+520 bp	Apr 1, 2036
O••• 2••••••	term loan lien unstated	$2.0M	$2.0M 101c	S+400 bp	Oct 1, 2036
S•••• 2••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+575 bp	Oct 1, 2037
C••••••••• W••••• C•••••• F•••• L•••	unstated lien unstated	Not disclosed	$2.0M 93c
S••••• L••• P••••••• I•• L•••	equity equity	Not disclosed	$2.0M 120c
G••• 2••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+670 bp	Jul 1, 2037
E•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 100c	S+625 bp	Apr 1, 2037
E•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 100c	S+510 bp	Jan 1, 2038
O••• 2••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+500 bp	Apr 1, 2035
B•• 2••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+545 bp	Apr 1, 2038
C••••••••• G••••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+325 bp	Oct 1, 2031
A•••• G••••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+275 bp	Sep 1, 2031
A•••••••• I•••	revolver first lien	$2.0M	$2.0M 104c	S+400 bp	Jan 1, 2030
V•••••• P••••••••• L•• a•• W• V•••••• C••••••••• L•••	equity equity	Not disclosed	$2.0M 109c
H••••••• P••••••• A•••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+300 bp	May 1, 2031
O••• 2•••••••	term loan lien unstated	$2.0M	$2.0M 98c	S+440 bp	Apr 1, 2038
O••• 2••••••	term loan lien unstated	$2.9M	$2.0M 85c	S+575 bp	Oct 1, 2037
S• N•••• 2• I•••	term loan first lien	$1.9M	$1.9M 102c	S+375 bp	Jun 1, 2031
R••••• B••••• L••	term loan first lien	$1.9M	$1.9M 100c	S+500 bp	Dec 1, 2031
H••••••••• I•••••••• A•••••• I••• a•• H•• I••••••••• I•••	term loan first lien	$1.9M	$1.9M 101c	S+475 bp	Nov 1, 2028
P•••••• I• L••• 2•	equity equity	Not disclosed	$1.9M 124c
V••• 2•••••	term loan lien unstated	$1.9M	$1.9M 100c	S+815 bp	Apr 1, 2038
R•••• B•••••••• L•• a•• R•••• P•••••• L•	preferred equity equity	Not disclosed	$1.9M 81c	PIK 10.00%
G•••••••• U• B••••• I•••	term loan first lien	$1.9M	$1.9M 102c	S+525 bp	Jul 1, 2030
B•• 2••••••	term loan lien unstated	$1.8M	$1.8M 100c	S+450 bp	Apr 1, 2038
G•• R••••• F••• I• L•	equity equity	Not disclosed	$1.8M 100c		Mar 1, 2031
D•••••••• I•••	term loan first lien	$1.8M	$1.8M 100c	S+200 bp	Mar 1, 2031
C••• 2•••••	term loan lien unstated	$1.8M	$1.8M 100c	S+600 bp	Jul 1, 2037
H• R•• B••••• I•••	term loan first lien	$1.8M	$1.8M 101c	S+475 bp	Dec 1, 2029
C••• S•••• I• W• L•••	term loan lien unstated	$1.8M	$1.8M 100c	23.30%	May 1, 2025
F•••• L•••• I•••	equity equity	Not disclosed	$1.8M 131c
A••••• I••••••••• G•• V•••• L•••••• P•••••••••	equity equity	Not disclosed	$1.8M 123c
G••• 6•	term loan lien unstated	$1.8M	$1.8M 99c	S+725 bp	Oct 1, 2037
A••• S•••••• P•••••••• L•• a•• A••• S•••••• P••••••• H•••••••• L••• S••••• B•	equity equity	Not disclosed	$1.8M 142c
B•• 2•••••	term loan lien unstated	$4.1M	$1.8M 101c	19.50%	Apr 1, 2035
N•• M••••••• P••••••• I•• L•••	equity equity	Not disclosed	$1.8M 123c
E•••• 2•••••	term loan lien unstated	$1.8M	$1.8M 101c	S+525 bp	Mar 1, 2038
S•••• 2••••••	term loan lien unstated	$1.8M	$1.8M 100c	S+525 bp	Jan 1, 2038
M•••• 2••••••	term loan lien unstated	$1.8M	$1.8M 100c	S+490 bp	Apr 1, 2036
B•• 2•••••	term loan lien unstated	$1.8M	$1.7M 100c	S+715 bp	Apr 1, 2033
T•••••• V• P••••••• F•••• L•••	equity equity	Not disclosed	$1.7M 123c
O••• 2••••••	term loan lien unstated	$3.4M	$1.7M 87c	12.60%	Jan 1, 2030
P•••• 2•••••	term loan lien unstated	$1.7M	$1.7M 100c	S+450 bp	Apr 1, 2038
M••• 2••••••	term loan lien unstated	$1.7M	$1.7M 100c	S+650 bp	Oct 1, 2037
V••• 2•••••	term loan lien unstated	$1.7M	$1.7M 97c	S+665 bp	Apr 1, 2037
S••••• ••• B•••• B• L••	term loan first lien	$1.7M	$1.7M 100c	S+500 bp	Feb 1, 2029
T•• B•••• L•• a•• T•• H•••••••• L•	equity equity	Not disclosed	$1.7M 100c
M••• 2••••••	term loan lien unstated	$1.7M	$1.7M 100c	S+600 bp	Jul 1, 2037
P•• M••••• I••• a•• P•• P•••••• L••	term loan first lien	$1.7M	$1.7M 102c	S+575 bp	Mar 1, 2030
T•••• B•••• F••• X•••• L•••	equity equity	Not disclosed	$1.6M 118c
C•••••••• P••••••• V••• L•••	equity equity	Not disclosed	$1.6M 123c
S••••• R••••••••• T•••• I•• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.6M	$1.6M 101c	S+725 bp	Dec 1, 2026
C••• 2•••••	term loan lien unstated	$1.6M	$1.6M 98c	S+440 bp	Apr 1, 2038
C••• 2•••••	term loan lien unstated	$1.6M	$1.6M 99c	S+485 bp	Jan 1, 2038
P••• S••••• L•• a•• A•• R•••• A••••••••• L••	preferred equity equity	Not disclosed	$1.6M 122c
B••••••••• C•••••• P••••••• V• L•••	equity equity	Not disclosed	$1.6M 121c
M•••••• V• ••• L•••	equity equity	Not disclosed	$1.6M 117c
N•••••• B••••• I••• a•• N•• M•• C••••••••• L•	revolver first lien	$1.6M	$1.6M 100c	S+375 bp	Mar 1, 2031
S•••••• A•••••••• G••••• I••• a•• G• H••••• H•••••••• L•••• S••••• A•	equity equity	Not disclosed	$1.5M 154c
B•• 2•••••	term loan lien unstated	$1.5M	$1.5M 102c	S+525 bp	Jul 1, 2036
A••• S•••••• P•••••••• L•• a•• A••• S•••••• P••••••• H•••••••• L••	revolver first lien	$1.5M	$1.5M 102c	S+500 bp	Oct 1, 2029
C••• 2•••••	term loan lien unstated	$1.5M	$1.5M 101c	S+685 bp	Apr 1, 2037
B•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 101c	S+610 bp	Jul 1, 2037
G•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+465 bp	Apr 1, 2038
O••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	8.00%	Apr 1, 2037
M••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+625 bp	Jul 1, 2037
C••• 2•••••	term loan lien unstated	$1.5M	$1.5M 100c	S+565 bp	Oct 1, 2036
G•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+485 bp	Jan 1, 2038
B•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+505 bp	Jul 1, 2036
S••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+525 bp	Jan 1, 2038
A• G•• F••• V••• H••••••• L••	term loan first lien	$1.5M	$1.5M 99c	S+200 bp	Jan 1, 2032
E•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 100c	S+590 bp	Oct 1, 2037
E•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 98c	S+450 bp	Apr 1, 2038
A•••• 2•••••••	term loan lien unstated	$1.4M	$1.5M 101c	S+625 bp	Apr 1, 2037
E••••••••• S•••••••• I•••	term loan first lien	$1.5M	$1.5M 100c	S+250 bp	Jul 1, 2028
S• A••••• G••••• L•• a•• S• A••••• G••••• H••••••• L••••••	revolver first lien	$1.5M	$1.4M 101c	S+525 bp	Jun 1, 2029
W••• H••••• L••••••	term loan first lien	$1.4M	$1.4M 100c	S+550 bp	Sep 1, 2031
L•••••• H••••••••• H•••••• C••••••• L••• S•••••• C••••••• ••••••• L••• a•• A•• B••••• I•••	revolver first lien	$1.5M	$1.4M 100c	S+500 bp	Aug 1, 2030
O••• 2•••••	term loan lien unstated	$1.5M	$1.4M 95c	13.10%	Oct 1, 2037
E•••• 2••••••	term loan lien unstated	$1.7M	$1.4M 90c	11.20%	Oct 1, 2037
T•• S•••••••• G•••• M•••• 2• G•••	term loan first lien	$1.4M	$1.4M 99c	S+450 bp	Dec 1, 2031
C•••• 2•••••	term loan lien unstated	$1.4M	$1.4M 101c	S+600 bp	Jul 1, 2037
I•••••• C•••••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.4M	$1.4M 101c	9.50%	Jun 1, 2030

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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