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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 Sep 30, 2025

1,515 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B••••• P•••••••• L•••••	term loan first lien	$3.0M	$3.0M 100c	S+325 bp	Jun 1, 2031
C••••••••• W••••• C•••••• F•••• L•••	unstated lien unstated	Not disclosed	$3.0M 108c
A••••••• M•••• 3• L••••••	term loan first lien	$3.0M	$3.0M 99c	S+275 bp	Feb 1, 2031
A•••••• G••••• U• A••••••••• I•••• A•••••• G••••• H••••••• L••• a•• M•••• F•••• Q•• C••••	revolver first lien	$3.1M	$3.0M 100c	S+650 bp	Aug 1, 2030
C•••••• C•••	term loan first lien	$3.0M	$3.0M 100c	S+175 bp	Jan 1, 2031
L•••• T•••••••••	term loan first lien	$3.0M	$3.0M 100c	S+235 bp	Apr 1, 2030
N••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+490 bp	Jul 1, 2039
O••• 2•••••	term loan lien unstated	$3.3M	$3.0M 98c	11.90%	Jan 1, 2038
U••• U•••••• P•••••••• L•• a•• G•••••• A••••••• •••• B•••••• C••••••••• H•••••• L•••	equity equity	Not disclosed	$3.0M 137c
O••• 2•••••	term loan lien unstated	$3.0M	$2.9M 93c	S+525 bp	Oct 1, 2037
A•••• 2••••••	term loan lien unstated	$2.9M	$2.9M 101c	S+605 bp	Jul 1, 2038
M••• 2••••••	term loan lien unstated	$2.9M	$2.9M 101c	S+640 bp	Apr 1, 2037
C••• 2•••••	term loan lien unstated	$2.9M	$2.9M 102c	S+695 bp	Jan 1, 2038
A••• 1•	term loan lien unstated	$2.9M	$2.9M 100c	S+650 bp	Jul 1, 2037
O••• 2•••••	term loan lien unstated	$3.6M	$2.9M 95c	S+500 bp	Jul 1, 2032
O••• P••••••• I• L•	equity equity	Not disclosed	$2.9M 108c
J•• I•• I••• a•• C••••••• U••• I•••	term loan first lien	$2.9M	$2.9M 100c	S+450 bp	Sep 1, 2032
A••••••••• P••• T••••••••• L••	term loan first lien	$2.9M	$2.9M 100c	S+450 bp	May 1, 2032
B•• 2••••••	term loan lien unstated	$2.8M	$2.9M 101c	S+500 bp	Jul 1, 2038
I•••• 2•••••	term loan lien unstated	$2.7M	$2.9M 108c	S+788 bp	Apr 1, 2038
O••••• B••••• M••••• L•••••• S•••• C•••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.9M	$2.9M 101c	S+575 bp	Mar 1, 2027
M•••• 2••••••	term loan lien unstated	$2.8M	$2.8M 101c	S+485 bp	Oct 1, 2038
P•• P•••••• I•••	revolver first lien	$2.8M	$2.8M 102c	S+525 bp	Apr 1, 2030
B•• 2••••••	term loan lien unstated	$2.8M	$2.8M 100c	S+490 bp	Jul 1, 2038
U•••• P••••••••• L•• a•• U•••• U••••••• H•••••••• L•	equity equity	Not disclosed	$2.8M 123c
C••• 2•••••	term loan lien unstated	$2.8M	$2.8M 101c	S+525 bp	Jul 1, 2038
B•••• 2•••••	term loan lien unstated	$2.7M	$2.8M 103c	S+670 bp	Apr 1, 2038
O••• 2•••••	term loan lien unstated	$3.2M	$2.7M 99c	S+485 bp	Jan 1, 2038
C••• L••• D••••••••• L•• a•• C••• L••• I••••••••• L••	term loan first lien	$2.7M	$2.7M 101c	S+600 bp	Aug 1, 2028
M••• 2••••••	term loan lien unstated	$2.7M	$2.7M 100c	S+640 bp	Oct 1, 2037
E•••• 2•••••	term loan lien unstated	$2.7M	$2.7M 99c	S+615 bp	Apr 1, 2037
H•••••• A••••••• B••••• L•• a•• H•••••• C•• B••••• L••	revolver first lien	$2.7M	$2.7M 103c	S+350 bp	Mar 1, 2032
D••••• B•••• I••• • D••••• A••••••••• L•	equity equity	Not disclosed	$2.7M 102c
A•••• C•• 2•• L••• S••••••••• finance (CLO)	term loan lien unstated	$2.7M	$2.7M 100c	19.60%	Dec 1, 2025
F•••••• C••••• H•••••••• L•	term loan first lien	$8.3M	$2.7M 35c	S+525 bp	Aug 1, 2029
N•••• S••• A••••••••• L•• a•• T••••• B•••• L••••••	term loan first lien	$2.7M	$2.7M 110c	S+450 bp	May 1, 2029
P••• A•••••• H••••••• L••	revolver first lien	$2.7M	$2.7M 100c	S+475 bp	Aug 1, 2032
D••• 2•••••	term loan lien unstated	$3.2M	$2.7M 100c	13.94%	Jan 1, 2038
G••• 2••••••	term loan lien unstated	$2.8M	$2.7M 97c	S+490 bp	Jan 1, 2038
N•••••• B••••• I••• a•• N•• M•• C••••••••• L•	revolver first lien	$2.7M	$2.7M 101c	S+375 bp	Mar 1, 2031
C••• 2•••••	term loan lien unstated	$2.6M	$2.6M 102c	S+640 bp	Jul 1, 2036
H••••••••• I•••••••• A•••••• I••• a•• H•• I••••••••• I•••	term loan first lien	$2.6M	$2.6M 101c	S+475 bp	Nov 1, 2028
C••• 2•••••	term loan lien unstated	$2.6M	$2.6M 102c	S+645 bp	Mar 1, 2038
O••• 2•••••	term loan lien unstated	$3.1M	$2.6M 87c	9.46%	Oct 1, 2037
B••• P••••• B••••• I•••	term loan first lien	$2.6M	$2.6M 101c	S+300 bp	Nov 1, 2031
C••• S•••• I•• W• L•••	term loan lien unstated	$2.6M	$2.6M 100c	23.20%	Dec 1, 2025
H••• 2•••••	term loan lien unstated	$3.4M	$2.6M 96c	14.48%	Oct 1, 2037
F••••• G••••• I•••• F••••• P•••••••• L•••• a•• F••••• C••••• I•••	revolver first lien	$3.1M	$2.6M 99c	S+500 bp	Aug 1, 2030
V••• 2•••••	term loan lien unstated	$2.5M	$2.6M 102c	S+590 bp	Apr 1, 2038
O•••••••• I•••••••• A••••• L•• a•• M•••• A••••••••• H•••••••• L•	equity equity	Not disclosed	$2.5M 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 105c	S+605 bp	Jul 1, 2037
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
W•••••• T••••••••• I•••	term loan first lien	$2.5M	$2.5M 100c	S+200 bp	Oct 1, 2029
C••• 2•••••	term loan lien unstated	$2.5M	$2.5M 100c	S+590 bp	Mar 1, 2038
W••••••••• B•••• I••• a•• W••••••••• T•••• L•	preferred equity equity	Not disclosed	$2.5M 113c
B•• M••••••• I••• a•• B•• G•••• L••••••	equity equity	Not disclosed	$2.5M 83c
I•••••• V•••••• P••••••• ••••••• V••• L•	equity equity	Not disclosed	$2.4M 101c
T•••••• T•••• L•• P•••••• a••••••••• i•••••••••	unstated lien unstated	Not disclosed	$2.4M 101c	S+900 bp
M••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+500 bp	Jul 1, 2038
B•• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+490 bp	Apr 1, 2035
F•••••• V••••••• H•••••••• I••• a•• M••••••••• P••••••• F•••••• V••••••• C••••••••• L•	revolver first lien	$2.4M	$2.4M 101c	S+400 bp	Aug 1, 2030
O•• E••••• P••••••• V••• L•••	equity equity	Not disclosed	$2.4M 103c
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
M•••• 2••••••	term loan lien unstated	$2.3M	$2.4M 103c	S+650 bp	Jul 1, 2038
E•••••• D•••• A•••••••• L•• a•• E•••••• D•••• A••••••• H•••••• L••	revolver first lien	$2.4M	$2.4M 100c	S+475 bp	Jul 1, 2031
N•••• S••• A••••••••• L•• a•• T••••• B•••• L••••••	term loan first lien	$2.4M	$2.4M 106c	S+450 bp	May 1, 2029
P•••• 2•••••	term loan lien unstated	$2.4M	$2.4M 100c	S+450 bp	Apr 1, 2038
O•••• 2••••••	term loan lien unstated	$2.6M	$2.4M 96c	S+500 bp	Jan 1, 2038
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 101c	S+490 bp	Jan 1, 2038
S•••• 2••••••	term loan lien unstated	$2.3M	$2.3M 101c	S+485 bp	Jul 1, 2038
S•••• 2••••••	term loan lien unstated	$2.9M	$2.3M 97c	11.21%	Apr 1, 2038
I•••••• V•••••• P••••••• C••••••••• F••• I•• L•	equity equity	Not disclosed	$2.3M 105c
B••• 2•••••	term loan lien unstated	$2.3M	$2.3M 100c	S+650 bp	Sep 1, 2030
K•• 2••••••	term loan lien unstated	$2.2M	$2.3M 102c	S+650 bp	Jan 1, 2038
R••• 2••••••	term loan lien unstated	$2.6M	$2.3M 98c	13.20%	Apr 1, 2040
E•••• 2•••••	term loan lien unstated	$2.2M	$2.3M 103c	S+650 bp	Mar 1, 2038
F••• I••••••••• I••• a•• F•• R• H••••••• L••	warrants equity	Not disclosed	$2.3M 100c		Aug 1, 2035
B••••• 2•••••	term loan lien unstated	$2.2M	$2.3M 104c	S+635 bp	Jul 1, 2038
V•••••• D••• C•••••• E••••• S•• r•••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.3M	$2.3M 110c	S+675 bp	May 1, 2029
V••••• S•••••• P•••••••• L•• a•• V••••• S•••••• P••••••• H•••••••• L••	revolver first lien	$2.4M	$2.3M 97c	S+600 bp	Nov 1, 2030
B••• C•••••• F••• X•• L•••	equity equity	Not disclosed	$2.3M 119c
I••••• A••••••••• B•••	term loan first lien	$2.4M	$2.2M 103c	S+681 bp PIK 2.45%	Sep 1, 2031
C••• 2•••••	term loan lien unstated	$2.7M	$2.2M 99c	S+565 bp	Oct 1, 2036
M••• 2••••••	term loan lien unstated	$2.4M	$2.2M 100c	S+550 bp	Oct 1, 2037
G•• H••• H•••••• L•• a•• G•• H••• T••••• L••	equity equity	Not disclosed	$2.2M 146c
H••••••• T•••• L•• a•• B••• H•••••••• H•••••••• L•	equity equity	Not disclosed	$2.2M 100c
R•••• B•••••••• L•• a•• R•••• P•••••• L•	preferred equity equity	Not disclosed	$2.2M 92c	PIK 10.00%
C••• 2•••••	term loan lien unstated	$2.2M	$2.2M 101c	S+495 bp	Oct 1, 2038
I•••••• V•••••• P••••••• ••••••••• V•••• L•	equity equity	Not disclosed	$2.2M 115c
P••••• N• F•••••• T•••• N•• 1• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.2M	$2.2M 97c	S+615 bp	Jul 1, 2026
C••• 2•••••	term loan lien unstated	$2.6M	$2.2M 96c	13.12%	Oct 1, 2037
C••• F•••••• 2•••••• L••	term loan lien unstated	$2.1M	$2.2M 101c	S+475 bp	Oct 1, 2038
O•• 2••••••	term loan lien unstated	$2.1M	$2.2M 103c	S+650 bp	Jul 1, 2038
M•••• 2••••••	term loan lien unstated	$2.1M	$2.1M 102c	S+500 bp	Jan 1, 2038
V•••••• P••••••••• L•• a•• W• V•••••• C••••••••• L•••	equity equity	Not disclosed	$2.1M 117c
G•• 2••••••	term loan lien unstated	$2.1M	$2.1M 100c	S+570 bp	Jul 1, 2037

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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