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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 Jun 30, 2025

1,288 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E•••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+475 bp	Jan 1, 2038
A•••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+800 bp	Aug 1, 2036
T••••••••• C••• L••• E••• H••••••• C••••• a•• C•••••••• T•••••••••	equity equity	Not disclosed	$3.0M 115c
O••• 2••••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+485 bp	Jul 1, 2038
I••••• A••••••••• B•••	term loan first lien	$3.0M	$3.0M 111c	S+695 bp	Sep 1, 2031
G•• H••• H•••••• L•• a•• G•• H••• T••••• L••	term loan first lien	$3.0M	$3.0M 102c	PIK 14.00%	Sep 1, 2031
V••• 2•••••	term loan lien unstated	$3.0M	$3.0M 100c	S+540 bp	Jul 1, 2038
O•••• 2••••••	term loan lien unstated	$3.0M	$3.0M 100c	S+500 bp	Jan 1, 2038
T• V• H••••••• 1• L•••	preferred equity equity	Not disclosed	$3.0M 100c	9.31%
B••••• P•••••••• L•••••	term loan first lien	$3.0M	$3.0M 100c	S+350 bp	Jun 1, 2031
C••• 2•••••	term loan lien unstated	$3.0M	$3.0M 102c	S+645 bp	Mar 1, 2038
P•••••• B•••• P••••••••• L••	term loan second lien	$3.0M	$3.0M 101c	S+525 bp	Jul 1, 2032
C•••••• C•••	term loan first lien	$3.0M	$3.0M 100c	S+175 bp	Jan 1, 2031
N••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+490 bp	Jul 1, 2039
O••• 2•••••	term loan lien unstated	$3.6M	$2.9M 96c	S+500 bp	Jul 1, 2032
P••••••••• E••••• P••••••• V•••• L•••	equity equity	Not disclosed	$2.9M 103c
Z•••• C••• M••••••••• B••••• I•••	term loan first lien	$2.9M	$2.9M 99c	S+275 bp	Sep 1, 2029
A•••• 2••••••	term loan lien unstated	$2.9M	$2.9M 100c	S+605 bp	Jul 1, 2038
C••• 2•••••	term loan lien unstated	$2.9M	$2.9M 102c	S+695 bp	Jan 1, 2038
M••• 2••••••	term loan lien unstated	$2.9M	$2.9M 100c	S+640 bp	Apr 1, 2037
O••• 2•••••	term loan lien unstated	$3.2M	$2.9M 102c	S+485 bp	Jan 1, 2038
A••• 1•	term loan lien unstated	$2.9M	$2.9M 99c	S+650 bp	Jul 1, 2037
I•••• 2•••••	term loan lien unstated	$2.7M	$2.9M 108c	S+788 bp	Apr 1, 2038
D••••• B•••• I••• • D••••• A••••••••• L•	equity equity	Not disclosed	$2.9M 108c
A••••••••• P••• T••••••••• L••	term loan first lien	$2.9M	$2.9M 100c	S+450 bp	May 1, 2032
O••• 2•••••	term loan lien unstated	$3.1M	$2.9M 93c	12.50%	Oct 1, 2037
O••••• B••••• M••••• L•••••• S•••• C•••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.9M	$2.9M 101c	S+575 bp	Mar 1, 2027
O••• P••••••• I• L•	equity equity	Not disclosed	$2.8M 107c
B•• 2••••••	term loan lien unstated	$2.8M	$2.8M 100c	S+490 bp	Jul 1, 2038
C••••••• C••••••••• L••	term loan first lien	$2.8M	$2.8M 100c	S+325 bp	Feb 1, 2032
C••• 2•••••	term loan lien unstated	$2.8M	$2.8M 100c	S+525 bp	Jul 1, 2038
G••• 2••••••	term loan lien unstated	$2.8M	$2.8M 100c	S+490 bp	Jan 1, 2038
C••• L••• D••••••••• L•• a•• C••• L••• I••••••••• L••	term loan first lien	$2.8M	$2.8M 102c	S+600 bp	Aug 1, 2028
E•••• 2•••••	term loan lien unstated	$2.7M	$2.7M 100c	S+615 bp	Apr 1, 2037
B•••• 2•••••	term loan lien unstated	$2.7M	$2.7M 102c	S+670 bp	Apr 1, 2038
D••• 2•••••	term loan lien unstated	$3.2M	$2.7M 99c	12.40%	Jan 1, 2038
S•••• 2••••••	term loan lien unstated	$2.7M	$2.7M 100c	10.60%	Jul 1, 2025
H••• 2•••••	term loan lien unstated	$3.4M	$2.7M 98c	13.00%	Oct 1, 2037
M••• 2••••••	term loan lien unstated	$2.7M	$2.7M 99c	S+640 bp	Oct 1, 2037
B•• M••••••• I••• a•• B•• G•••• L••••••	equity equity	Not disclosed	$2.7M 89c
N•••• S••• A••••••••• L•• a•• T••••• B•••• L••••••	term loan first lien	$2.7M	$2.7M 109c	S+450 bp	May 1, 2029
H• R•• B••••• I•••	term loan first lien	$2.7M	$2.7M 101c	S+475 bp	Dec 1, 2029
C••• 2•••••	term loan lien unstated	$2.6M	$2.6M 102c	S+640 bp	Jul 1, 2036
C••••••••• W••••• C•••••• F•••• L•••	unstated lien unstated	Not disclosed	$2.6M 105c
C••• 2•••••	term loan lien unstated	$2.6M	$2.6M 101c	S+645 bp	Mar 1, 2038
O••••• B••••• M••••• L•••••• S•••• C•••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.6M	$2.6M 101c	S+575 bp	Oct 1, 2027
O•• N•• I••••••••• L••	equity equity	Not disclosed	$2.6M 124c
H••••••••• I•••••••• A•••••• I••• a•• H•• I••••••••• I•••	term loan first lien	$2.5M	$2.5M 100c	S+450 bp	Nov 1, 2028
V••• 2•••••	term loan lien unstated	$2.5M	$2.5M 101c	S+590 bp	Apr 1, 2038
V••• 2•••••	term loan lien unstated	$2.5M	$2.5M 105c	S+605 bp	Jul 1, 2037
V•••••• D••• C•••••• E••••• S•• r•••• P•••••• a•••• b••••• i•••••••••	unstated lien unstated	$2.5M	$2.5M 111c	S+685 bp	May 1, 2029
M••• 2••••••	term loan lien unstated	$2.5M	$2.5M 101c	S+680 bp	Apr 1, 2037
M••• 2••••••	term loan lien unstated	$2.5M	$2.5M 101c	S+550 bp	Oct 1, 2037
T•••••• T•••• L•• P•••••• a••••••••• i•••••••••	unstated lien unstated	$3.1M	$2.5M 101c	S+900 bp
U• I••••••••• I• L•• a•• U••• B•••••• L••	term loan first lien	$2.5M	$2.5M 102c	S+525 bp	Mar 1, 2031
I•••••• V•••••• P••••••• ••••••• V••• L•	equity equity	Not disclosed	$2.5M 103c
S••• 2••••••	term loan lien unstated	$2.5M	$2.5M 98c	S+535 bp	Jan 1, 2038
F•••••••• R••• S••••• O••••••••• L••	revolver first lien	$2.6M	$2.4M 100c	S+500 bp	Mar 1, 2032
O•••• 2••••••	term loan lien unstated	$2.6M	$2.4M 98c	S+500 bp	Jan 1, 2038
M••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+500 bp	Jul 1, 2038
M••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+510 bp	Jan 1, 2038
G•••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+600 bp	Oct 1, 2034
S•••• 2••••••	term loan lien unstated	$2.9M	$2.4M 100c	12.50%	Apr 1, 2038
P•••• 2•••••	term loan lien unstated	$2.4M	$2.4M 101c	S+450 bp	Apr 1, 2038
M••• 2••••••	term loan lien unstated	$2.4M	$2.4M 101c	S+550 bp	Oct 1, 2037
M•• G••••• I••••••••• L••• F•••••• V•• I••••••••• L••• M•• T••••• L•• a•• R••••••••• P•••••• a•• S••••••• B••••••	term loan first lien	$2.4M	$2.4M 102c	S+575 bp	May 1, 2031
I••••• A••••••••• B•••	term loan first lien	$2.4M	$2.4M 109c	S+695 bp	Sep 1, 2031
H••••••••• I•••••••• A•••••• I••• a•• H•• I••••••••• I•••	term loan first lien	$2.3M	$2.3M 101c	S+475 bp	Nov 1, 2028
C••• 2•••••	term loan lien unstated	$2.6M	$2.3M 102c	12.70%	Oct 1, 2037
M•••• 2••••••	term loan lien unstated	$2.3M	$2.3M 100c	S+450 bp	Jan 1, 2038
M•••• 2••••••	term loan lien unstated	$2.3M	$2.3M 100c	S+490 bp	Jan 1, 2038
E•••• 2•••••	term loan lien unstated	$2.3M	$2.3M 103c	S+575 bp	Oct 1, 2037
M•••• 2••••••	term loan lien unstated	$2.3M	$2.3M 100c	S+650 bp	Jul 1, 2038
K•• 2••••••	term loan lien unstated	$2.2M	$2.3M 102c	S+650 bp	Jan 1, 2038
O•••••••• I•••••••• A••••• L•• a•• M•••• A••••••••• H•••••••• L•	equity equity	Not disclosed	$2.3M 112c
P••••• N• F•••••• T•••• N•• 1• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.3M	$2.3M 102c	S+615 bp	Jul 1, 2026
V••••• S•••••• P•••••••• L•• a•• V••••• S•••••• P••••••• H•••••••• L••	revolver first lien	$2.4M	$2.3M 99c	S+600 bp	Nov 1, 2030
I•••••• V•••••• P••••••• C••••••••• F••• I•• L•	equity equity	Not disclosed	$2.3M 105c
U•••• P••••••••• L•• a•• U•••• U••••••• H•••••••• L•	equity equity	Not disclosed	$2.3M 100c
B••••• 2•••••	term loan lien unstated	$2.2M	$2.3M 104c	S+635 bp	Jul 1, 2038
C••• 2•••••	term loan lien unstated	$2.7M	$2.3M 98c	S+565 bp	Oct 1, 2036
E•••• 2•••••	term loan lien unstated	$2.2M	$2.3M 103c	S+650 bp	Mar 1, 2038
R••• 2••••••	term loan lien unstated	$2.6M	$2.3M 97c	13.60%	Apr 1, 2040
G•• H••• H•••••• L•• a•• G•• H••• T••••• L••	equity equity	Not disclosed	$2.3M 148c
W••••••••• B•••• I••• a•• W••••••••• T•••• L•	preferred equity equity	Not disclosed	$2.3M 103c
P•••••• I• L••• 2•	equity equity	Not disclosed	$2.2M 150c
W••••••••• F•••••••• I•••	equity equity	Not disclosed	$2.2M 132c
F•••••• V••••••• H•••••••• I••• a•• M••••••••• P••••••• F•••••• V••••••• C••••••••• L•	revolver first lien	$2.2M	$2.2M 101c	S+400 bp	Aug 1, 2030
R•••• B•••••••• L•• a•• R•••• P•••••• L•	preferred equity equity	Not disclosed	$2.2M 93c	PIK 10.00%
I•••••• V•••••• P••••••• ••••••••• V•••• L•	equity equity	Not disclosed	$2.2M 114c
U••• U•••••• P•••••••• L•• a•• G•••••• A••••••• •••• B•••••• C••••••••• H•••••• L•••	equity equity	Not disclosed	$2.2M 100c
O•• 2••••••	term loan lien unstated	$2.1M	$2.1M 102c	S+650 bp	Jul 1, 2038
E••••••• M••••••••• L••	term loan first lien	$2.1M	$2.1M 109c	S+700 bp PIK 2.19%	Apr 1, 2031
M•••• 2••••••	term loan lien unstated	$2.1M	$2.1M 101c	S+500 bp	Jan 1, 2038
E•••••• W•••••••• O••••• 1• L•••	term loan lien unstated	$2.1M	$2.1M 100c	22.10%	Mar 1, 2028
G•• 2••••••	term loan lien unstated	$2.1M	$2.1M 100c	S+570 bp	Jul 1, 2037
C••• 2•••••	term loan lien unstated	$5.0M	$2.1M 102c	S+525 bp	Jan 1, 2038
O••• 2•••••	term loan lien unstated	$2.0M	$2.1M 101c	S+550 bp	Oct 1, 2037
E•••• 2•••••	term loan lien unstated	$2.5M	$2.1M 96c	12.42%	Oct 1, 2037
G•• R••••• F••• I• L•	equity equity	Not disclosed	$2.1M 100c		Mar 1, 2031

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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