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A••• S•••••••• I••••• F•••
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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $45.6Mon 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•• → - $45.6Mnewly 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.
- 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 → 91loans 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.
- $16B → $23Bfair 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.
Every headline figure, and the identifiersCIK 1918712 · file 814-01512ShowHide
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
| 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 quartersShow fewer
| 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
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Largest facilities held, with co-lenders
- A••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Oct 1, 2035$755M 100c
- D••••• M•••• 2• L•• first lien term loan23 BDCs hold it · matures Aug 26, 2032$228M 96c
- C••••• H•••••• L• unsecured or subordinated term loan2 BDCs hold it · matures Mar 1, 2031$224M 100c
- R••••••• V•••••• D••• C•••••• I••••••••• H•••••• L• unsecured or subordinated term loan2 BDCs hold it · matures Dec 1, 2031$204M 102c
- W••••••• I••••••••• I•• L•• first lien term loan2 BDCs hold it · matures Sep 1, 2032$180M 99c
- P••• C••• first lien term loan13 BDCs hold it · matures Dec 20, 2032$175M 99c
- H••••••• T•••• L•• first lien term loan5 BDCs hold it · matures Jun 1, 2032 · possible sponsor R•••••••• P••••••• L•$163M 100c
- R•••• I•• L•• first lien term loan2 BDCs hold it · matures Apr 1, 2029 · possible sponsor M•••••• C•••••• M••••••••• L••$156M 100c
- B•• M••••••• I•• first lien term loan6 BDCs hold it · matures Mar 31, 2032$148M 85c
- G••• B•••• I•• first lien term loan3 BDCs hold it · matures Oct 25, 2031$148M 101c
- N•••••• H•••••••• I•• first lien term loan15 BDCs hold it · matures Feb 3, 2033$145M 100c
- C•••••• C••• first lien term loan7 BDCs hold it · matures Mar 5, 2032$139M 101c
Schedule of investments at Dec 31, 2025
1,615 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S•• A••••••••• S••• L•• a•• S••••• H•••••••• L• | equity equity | Not disclosed | $1.0M 100c | ||
| B••••• 2••••• | term loan lien unstated | $1.0M | $1.0M 101c | S+650 bp | Apr 1, 2037 |
| L•••••••• B••••• I••• | term loan first lien | $1.0M | $1.0M 100c | S+500 bp | May 1, 2030 |
| M••• 2•••••• | term loan lien unstated | $1.0M | $1.0M 101c | S+660 bp | Apr 1, 2037 |
| O•• 2•••••• | term loan lien unstated | $1.0M | $1.0M 101c | S+535 bp | Jan 1, 2038 |
| B•• 2•••••• | term loan lien unstated | $1.0M | $1.0M 100c | S+525 bp | Jul 1, 2038 |
| C••• 2••••• | term loan lien unstated | $1.0M | $1.0M 100c | S+700 bp | Jul 1, 2037 |
| B•• 2•••••• | term loan lien unstated | $990,000 | $992,500 101c | S+460 bp | Jan 1, 2035 |
| N•••••• B••••• I••• a•• N•• M•• C••••••••• L• | equity equity | Not disclosed | $988,100 126c | ||
| G•••••••• U• B••••• I••• a•• T•••• P•••• L•••••• | term loan first lien | $987,500 | $987,500 101c | S+450 bp | Jul 1, 2030 |
| H•••••••• 8• A• L••• | equity equity | Not disclosed | $987,400 97c | ||
| A•••• 2••••• | term loan lien unstated | $965,000 | $980,700 101c | S+750 bp | Jul 1, 2037 |
| O••• 2•••••• | term loan lien unstated | $1.0M | $973,900 97c | S+500 bp | Jan 1, 2036 |
| D••••••• B•••• L•••••• | term loan first lien | $949,900 | $949,900 101c | S+550 bp | Jun 1, 2032 |
| P•••••••• L•• a•• I•••• C•••• L• | equity equity | Not disclosed | $942,200 96c | ||
| V•••••• G••••• P••••••••• L•• L•• | term loan first lien | $943,900 | $939,200 100c | S+223 bp | May 1, 2029 |
| N•• C•••• S••••••••• finance (CLO) | term loan lien unstated | $937,500 | $928,200 99c | S+570 bp | Jan 1, 2038 |
| B• P••••••• G•••••• •• L••• | equity equity | Not disclosed | $924,000 143c | ||
| K••• 2•••••• | term loan lien unstated | $930,000 | $920,500 98c | S+615 bp | Oct 1, 2037 |
| C••••••• D••••••• • R••• F••• I•• L••• | equity equity | Not disclosed | $918,600 122c | ||
| B••••• 2••••• | term loan lien unstated | $1.3M | $916,200 97c | S+635 bp | Jul 1, 2038 |
| V•••••• P••••••••• L•• a•• W• V•••••• C••••••••• L••• | revolver first lien | $966,200 | $909,600 101c | S+450 bp | Dec 1, 2032 |
| C•••••• C••••••••• | revolver first lien | $906,700 | $906,700 118c | S+450 bp | Mar 1, 2032 |
| P•• M••••• I••• a•• P•• P•••••• L••• | equity equity | Not disclosed | $892,000 111c | ||
| C••••• B••••• D••••••••• A••••••• C•••••• | revolver first lien | $916,000 | $891,400 100c | S+1200 bp | Jul 1, 2027 |
| B••••• B••••• I••• | revolver first lien | $932,000 | $890,400 102c | S+450 bp | Nov 1, 2032 |
| I••• B•••• S••••• a•• M•••• G•••• S••••• | term loan first lien | $889,200 | $889,200 104c | 8.73% | Sep 1, 2031 |
| M••• 2•••••• | term loan lien unstated | $2.4M | $886,900 81c | S+640 bp | Jan 1, 2048 |
| B•• 2•••••• | term loan lien unstated | $1.1M | $885,200 101c | 17.45% | Oct 1, 2038 |
| V•••• E••••• P••••••• F••• V••• L••• | equity equity | Not disclosed | $883,200 115c | ||
| N•• M••••••• P••••••• I•• L••• | equity equity | Not disclosed | $872,000 95c | ||
| R•••••• I••••••••• H••••••• L•• | term loan first lien | $917,100 | $862,000 95c | S+600 bp | Nov 1, 2026 |
| O••• 2•••••• | term loan lien unstated | $1.4M | $843,400 78c | S+575 bp | Jan 1, 2030 |
| M•••••• P•••••••• H•••••• L••• M•••••• P•••••••• P••••••••• L•• a•• S••••• A••••••••• I••• | preferred equity equity | Not disclosed | $842,100 95c | ||
| P••••••••• E••••• P••••••• ••••••••• L••• | equity equity | Not disclosed | $836,300 136c | ||
| W••••••••• F•••••••• I••• | term loan first lien | $824,600 | $824,600 101c | S+500 bp | Aug 1, 2030 |
| S•••• 2•••••• | term loan lien unstated | $1.4M | $821,300 103c | 9.24% | Oct 1, 2032 |
| E••••••• M••••••••• L•• | term loan first lien | $821,100 | $821,100 116c | S+650 bp | Apr 1, 2031 |
| P••••• F•••••• T•••• N•••• P•••••• a••••••••• i••••••••• | unstated lien unstated | $815,400 | $815,400 100c | S+785 bp | Oct 1, 2027 |
| B••• C•••••• E••••• V• S••• | equity equity | Not disclosed | $812,400 136c | ||
| M•• G••••• I••••••••• L••• F•••••• V•• I••••••••• L••• M•• T••••• L•• a•• R••••••••• P•••••• a•• S••••••• B•••••• | revolver first lien | $808,000 | $808,000 105c | S+575 bp | May 1, 2031 |
| B••••••••• E••••• V• •• L• | equity equity | Not disclosed | $793,100 157c | ||
| O••• 2•••••• | term loan lien unstated | $1.2M | $786,500 80c | 8.14% | Oct 1, 2034 |
| R••• 2•••••• | term loan lien unstated | $800,000 | $778,400 97c | S+725 bp | Oct 1, 2037 |
| K•••• B••••• L•• | revolver first lien | $898,800 | $776,300 88c | S+425 bp | Oct 1, 2027 |
| T••• A••••••••• I••• a•• T••• H•••••••• L•• | equity equity | Not disclosed | $768,100 100c | ||
| P••••••• M•• I••••••••• H••••• L•• a•• B••• P••••••• H•••••••• I••• | revolver first lien | $952,200 | $761,900 82c | S+675 bp PIK 1.50% | Oct 1, 2030 |
| E• P••••••• S•••••• B••••• S••••• | term loan first lien | $756,600 | $756,600 115c | S+575 bp | Jan 1, 2032 |
| M••• 2•••••• | term loan lien unstated | $750,000 | $755,700 101c | 8.50% | Jul 1, 2037 |
| C••• 2••••• | term loan lien unstated | $1.4M | $754,000 85c | 11.40% | Oct 1, 2037 |
| W•••••• P••••••••• L•• a•• W•••••• I••••••••• H•••••••• L••• | equity equity | Not disclosed | $752,100 103c | ||
| S•••• 2•••••• | term loan lien unstated | $725,000 | $739,500 102c | S+545 bp | Apr 1, 2038 |
| L•• B•••••••• L••• L• E••••• I••••••••• L•••• L••• H•••• L•• a•• G• F••• I• B•••••• L••• | revolver first lien | $805,600 | $738,500 104c | S+425 bp | Sep 1, 2031 |
| B••• C•••••• F••• X••• L••• | equity equity | Not disclosed | $719,500 157c | ||
| A• • A• ••••••• L••• | equity equity | Not disclosed | $718,300 72c | ||
| G••• B•••• I••• a•• G••• C•••••••• I•• L••• | equity equity | Not disclosed | $717,900 128c | ||
| N•••• S••• A••••••••• L•• a•• T••••• B•••• L•••••• | term loan first lien | $707,000 | $714,900 101c | S+450 bp | May 1, 2029 |
| N••• 2•••••• | term loan lien unstated | $700,000 | $712,100 99c | S+695 bp | Oct 1, 2038 |
| B••••••••• C•••••• P••••••• V• L••• | equity equity | Not disclosed | $710,600 106c | ||
| S••••• S••••••• I••• a•• S••••• S••••••• I••••••••• H•••••••• I••• | term loan first lien | $834,300 | $706,300 95c | S+450 bp | Dec 1, 2027 |
| M••• 2•••••• | term loan lien unstated | $6.2M | $696,500 87c | 10.33% | Jul 1, 2030 |
| C••• 2••••• | term loan lien unstated | $687,500 | $692,500 101c | S+535 bp | Jan 1, 2038 |
| A••••• A••••••••• H••••••• L•• a•• A••••• A••••••••• H••••••• P••••• L•• | equity equity | Not disclosed | $691,400 43c | ||
| R••• 2•••••• | term loan lien unstated | $700,000 | $689,500 99c | S+678 bp | Jan 1, 2037 |
| A••• E••••• V• • A• L••• | equity equity | Not disclosed | $680,300 111c | ||
| M••• 2•••••• | term loan lien unstated | $1.1M | $677,200 78c | S+650 bp | Oct 1, 2037 |
| M••• 2•••••• | term loan lien unstated | $1.6M | $676,300 81c | S+660 bp | Apr 1, 2037 |
| B•••••• A••••••••• L•• | revolver first lien | $751,400 | $667,300 99c | S+475 bp | Sep 1, 2031 |
| G••• 2•••••• | term loan lien unstated | $650,000 | $659,000 101c | 7.91% | Jul 1, 2038 |
| M•••• 2•••••• | term loan lien unstated | $920,000 | $656,900 102c | 14.38% | Jan 1, 2038 |
| S•••• 2•••••• | term loan lien unstated | $650,000 | $655,200 100c | S+565 bp | Oct 1, 2037 |
| B•• 2•••••• | term loan lien unstated | $625,000 | $646,400 106c | S+717 bp | Apr 1, 2038 |
| M•••••• P•••••••• H•••••• L••• M•••••• P•••••••• P••••••••• L•• a•• S••••• A••••••••• I••• | revolver first lien | $643,200 | $643,200 104c | S+500 bp | Jun 1, 2031 |
| M•••• 2•••••• | term loan lien unstated | $637,500 | $638,600 100c | S+490 bp | Jan 1, 2037 |
| P•••• U• H•••••• I••• • 1••••••••• O•••••• I••• | revolver first lien | $633,200 | $633,200 113c | S+475 bp | Dec 1, 2031 |
| U••• L•• a•• B••••• A••••••••• L•• | revolver first lien | $651,500 | $625,500 100c | S+475 bp | Oct 1, 2031 |
| U••••••• T••••••••• I••• | term loan first lien | $634,400 | $621,700 100c | S+750 bp | Apr 1, 2029 |
| C••• 2•••••• | term loan lien unstated | $1.8M | $616,400 63c | 15.29% | Jul 1, 2033 |
| S•••• 2••••• | term loan lien unstated | Not disclosed | $597,700 323c | S+615 bp | Oct 1, 2037 |
| T•••••• R••• C•• E••••• L•• P•••••• a••••••••• i••••••••• S••••••••• finance (CLO) | unstated lien unstated | Not disclosed | $588,900 114c | S+1000 bp | |
| V••••• S•••••• P•••••••• L•• a•• V••••• S•••••• P••••••• H•••••••• L•• | revolver first lien | $821,600 | $585,300 76c | S+600 bp | Nov 1, 2030 |
| P••••••••• E••••• P••••••• V••• L••• | equity equity | Not disclosed | $582,700 151c | ||
| C••••• G•••• L•••••• | term loan first lien | $583,800 | $572,000 106c | S+567 bp | Aug 1, 2031 |
| B••••• U• B•••• L•• | term loan first lien | $568,900 | $568,900 100c | S+525 bp | Sep 1, 2030 |
| W••• P•••• P••••••• V•••••• L••• | equity equity | Not disclosed | $568,200 81c | ||
| C••••• G•••• L•••••• | term loan first lien | $564,900 | $565,700 107c | S+529 bp | Aug 1, 2031 |
| D••• I•••••••• H••••••• L•• a•• R••••• C••••••••• S•• | revolver first lien | $562,300 | $562,300 112c | S+450 bp | Dec 1, 2029 |
| D••••••• L•• | revolver first lien | $559,900 | $559,900 106c | S+475 bp | Jun 1, 2030 |
| A•••• 2•••••• | term loan lien unstated | $550,000 | $557,700 101c | S+610 bp | Oct 1, 2038 |
| A••••••• F•••••••• S••••••• F••• L•• | equity equity | Not disclosed | $546,200 120c | ||
| B••• C•••••• E••••• F••• I•• L••• | equity equity | Not disclosed | $541,100 112c | ||
| W••• C••••••• • C••• L•• a•• W•• U••••••• H•••••••• L•• | equity equity | Not disclosed | $539,900 | ||
| S• A••••• G••••• L•• a•• S• A••••• G••••• H••••••• L•••••• | revolver first lien | $627,800 | $539,200 93c | S+525 bp | Jun 1, 2029 |
| T•• I• C•••••• D••• H••••• I• L••• T•• I• C•••••• D••• H••••• I•• T•• I• C•••••• C• I• L•••• a•• T•• I• C•••••• C• I• | equity equity | Not disclosed | $535,900 100c | ||
| A••• S•••••• P•••••••• L•• a•• A••• S•••••• P••••••• H•••••••• L•• | revolver first lien | $535,000 | $535,000 106c | S+500 bp | Oct 1, 2029 |
| O••• 2••••• | term loan lien unstated | $525,000 | $526,300 100c | S+485 bp | Jan 1, 2038 |
| P••••• A•••••••• F••••• T••••• P•••••• a••••••••• i••••••••• | unstated lien unstated | $511,700 | $511,700 102c | S+785 bp | Jul 1, 2028 |
| P•••••••• F••••• O••••• L•• a•• K•••• X• T••••••• C••••••••• L••• | revolver first lien | $509,200 | $509,200 104c | S+500 bp | May 1, 2028 |
| C••••• 2••••• | term loan lien unstated | $15.7M | $507,000 | S+550 bp | Apr 1, 2038 |
| P•••••• V• L•••• | equity equity | Not disclosed | $503,900 144c |
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