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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, 2025

1,615 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E•••• 2•••••	term loan lien unstated	$3.5M	$3.5M 100c	S+640 bp	Apr 1, 2037
T•••••• U•••• I••••••••• H•••••••• L••	equity equity	Not disclosed	$3.5M 100c
B•• 2•••••	term loan lien unstated	$11.0M	$3.5M 105c	20.18%	Oct 1, 2038
C••• 2•••••	term loan lien unstated	$3.5M	$3.5M 101c	S+510 bp	Jan 1, 2038
U••• U•••••• P•••••••• L••• G•••••• A••••••• •••• B•••••• C••••••••• H•••••• L•••• a•• G•••••• A••••••• •••••• C•••••••	equity equity	Not disclosed	$3.5M 161c
P•• P•••••• I•••	revolver first lien	$3.5M	$3.5M 102c	S+525 bp	Apr 1, 2030
A•••••• G••••• U• A••••••••• I•••• A•••••• G••••• H••••••• L••• a•• M•••• F•••• Q•• C••••	revolver first lien	$3.6M	$3.5M 100c	S+650 bp	Aug 1, 2030
T• V• H••••••• 1• L•••• P•••••• a••••••••• i•••••••••	unstated lien unstated	Not disclosed	$3.5M 102c	PIK 9.31%
L•••••• H••••••••• H•••••• C••••••• L•• a•• S•••••• C••••••• ••••••• L•••	equity equity	Not disclosed	$3.4M 113c
K•• 2••••••	term loan lien unstated	$4.9M	$3.4M 89c	13.56%	Oct 1, 2037
W•••• 2•••••	term loan lien unstated	$3.4M	$3.4M 101c	S+490 bp	Jul 1, 2038
B•• 2••••••	term loan lien unstated	$3.4M	$3.3M 100c	S+460 bp	Jan 1, 2038
A••• 1•	term loan lien unstated	$8.2M	$3.3M 77c	S+650 bp	Oct 1, 2037
C••• 2•••••	term loan lien unstated	$3.3M	$3.3M 101c	S+525 bp	Jul 1, 2038
C••••• L•• B•••• S••••••• a•• H••••••• T••••• I•••	term loan first lien	$3.3M	$3.3M 102c	S+525 bp	Nov 1, 2031
D•••• P•••••• I•••	term loan first lien	$3.2M	$3.3M 100c	S+325 bp	Aug 1, 2032
E•• D•••••• L••	term loan first lien	$3.3M	$3.3M 100c	S+475 bp	Nov 1, 2031
E•••••• G••••••• I•••	term loan first lien	$3.3M	$3.3M 102c	S+475 bp	Feb 1, 2031
S•••• 2••••••	term loan lien unstated	$3.3M	$3.3M 100c	S+550 bp	Jul 1, 2038
C•• C•••••• P••••••• V• •• L•••	equity equity	Not disclosed	$3.3M 89c
G•• H••• H•••••• L•• a•• G•• H••• T••••• L••	term loan first lien	$3.2M	$3.2M 102c	PIK 14.00%	Sep 1, 2031
B••••••••• H•••••• B•	term loan first lien	$3.2M	$3.2M 114c	S+650 bp	Oct 1, 2031
W••• H••••• L••••••	term loan first lien	$3.3M	$3.2M 107c	S+525 bp	Sep 1, 2031
S•••• 2••••••	term loan lien unstated	$4.0M	$3.2M 104c	16.55%	Jul 1, 2037
D••••• I••••••••• H•••••••• I••• a•• D••••• P••••• H•••••••• L•••	equity equity	Not disclosed	$3.2M 97c	PIK 8.00%
R••••••••• H••••••• P••••••• H•••••••• I•••	term loan first lien	$3.2M	$3.2M 100c	S+350 bp	May 1, 2031
V••••••••• G•••• L••••••	term loan first lien	$3.1M	$3.1M 102c	S+550 bp	Sep 1, 2032
S•••• 2••••••	term loan lien unstated	$5.2M	$3.1M 91c	14.43%	Oct 1, 2037
B•• 2•••••	term loan lien unstated	$3.1M	$3.1M 99c	S+590 bp	Oct 1, 2037
Z••• G•••• H•••••••• I•••	term loan unsecured or subordinated	$3.2M	$3.1M 100c	5.75%	Mar 1, 2030
M•••• 2••••••	term loan lien unstated	$4.1M	$3.1M 91c	10.94%	Oct 1, 2037
K•• N•••• A•••••• F••• X•• L•••	equity equity	Not disclosed	$3.1M 136c
R••• 2•••••••	term loan lien unstated	$5.2M	$3.0M 101c	14.13%	Jul 1, 2039
H•••• D••••••••• I•••• H•••• I••••••••• F• H•••••••• L•• a•• G•• H••••• L•	revolver first lien	$3.0M	$3.0M 102c	S+400 bp	Nov 1, 2029
O•••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+500 bp	Jan 1, 2038
A•••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+800 bp	Aug 1, 2036
O••• 2••••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+485 bp	Jul 1, 2038
C••••••••• W••••• C•••••• F•••• L•••	unstated lien unstated	Not disclosed	$3.0M 109c
V••• 2•••••	term loan lien unstated	$3.0M	$3.0M 100c	S+540 bp	Jul 1, 2038
C••• 2•••••	term loan lien unstated	$3.0M	$3.0M 102c	S+645 bp	Mar 1, 2038
N••• 2••••••	term loan lien unstated	$3.0M	$3.0M 101c	S+490 bp	Jul 1, 2039
A•••• 2••••••	term loan lien unstated	$2.9M	$2.9M 101c	S+605 bp	Jul 1, 2038
T•••••• G•••• D•••••• I• C•• E••••• L•• P•••••• a••••••••• i•••••••••	unstated lien unstated	Not disclosed	$2.9M 120c	S+775 bp	Dec 1, 2030
D••••• B•••• I••• • D••••• A••••••••• L•	equity equity	Not disclosed	$2.9M 109c
G•••• T••••••• A••••••• L••	term loan first lien	$2.9M	$2.9M 100c	S+275 bp	Jun 1, 2031
C••• 2•••••	term loan lien unstated	$2.9M	$2.9M 102c	S+695 bp	Jan 1, 2038
J•• I•• I••• a•• C••••••• U••• I•••	term loan first lien	$2.9M	$2.9M 100c	S+450 bp	Sep 1, 2032
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	$2.9M	$2.8M 98c	S+640 bp	Apr 1, 2037
B•• 2••••••	term loan lien unstated	$2.8M	$2.8M 100c	S+500 bp	Jul 1, 2038
I•••• 2•••••	term loan lien unstated	$2.7M	$2.8M 107c	S+788 bp	Apr 1, 2038
M•••• 2••••••	term loan lien unstated	$2.8M	$2.8M 101c	S+485 bp	Oct 1, 2038
B•• 2••••••	term loan lien unstated	$2.8M	$2.8M 101c	S+490 bp	Jul 1, 2038
B•••• 2••••••	term loan lien unstated	$5.0M	$2.8M 85c	11.64%	Jul 1, 2037
C••• 2•••••	term loan lien unstated	$2.8M	$2.8M 101c	S+525 bp	Jul 1, 2038
O•• N•• I••••••••• L••	equity equity	Not disclosed	$2.8M 132c
B•••• 2•••••	term loan lien unstated	$2.7M	$2.7M 101c	S+670 bp	Apr 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
E•••• 2•••••	term loan lien unstated	$2.7M	$2.7M 99c	S+615 bp	Apr 1, 2037
O••• P••••••• I• L•	equity equity	Not disclosed	$2.7M 102c
L••••• S••••••••• C•••••• F••• I••• L•	equity equity	Not disclosed	$2.7M 145c
O••• 2•••••	term loan lien unstated	$3.3M	$2.7M 90c	11.30%	Jan 1, 2038
C••• 2•••••	term loan lien unstated	$2.6M	$2.6M 102c	S+640 bp	Jul 1, 2036
S•••••• P••••••• G••••• A•••••••• L•• a•• S•••••• P••••••• I••••••••• A•••••••• L••	term loan first lien	Not disclosed	$2.6M 100c	S+475 bp	Dec 1, 2032
C••• 2•••••	term loan lien unstated	$2.6M	$2.6M 102c	S+645 bp	Mar 1, 2038
M••• 2••••••	term loan lien unstated	$2.7M	$2.6M 96c	S+640 bp	Oct 1, 2037
O••• 2•••••	term loan lien unstated	$3.0M	$2.6M 85c	S+525 bp	Oct 1, 2037
K••• 2••••••	term loan lien unstated	$2.8M	$2.6M 95c	S+490 bp	Jan 1, 2038
V••••••••• G•••• L••••••	term loan first lien	$2.6M	$2.6M 106c	S+1025 bp	Sep 1, 2032
T•• H••••• C••••••••• L••	term loan first lien	$2.6M	$2.6M 101c	S+475 bp	Jun 1, 2030
D••• 2•••••	term loan lien unstated	$3.2M	$2.6M 97c	15.67%	Jan 1, 2038
B•• M••••••• I••• a•• B•• G•••• L••••••	equity equity	Not disclosed	$2.6M 85c
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
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••••••••• B•••• I••• a•• W••••••••• T•••• L•	preferred equity equity	Not disclosed	$2.5M 114c
C••• 2•••••	term loan lien unstated	$2.5M	$2.5M 101c	S+590 bp	Mar 1, 2038
M•••••••• L•• L••••••	term loan lien unstated	$2.5M	$2.5M 100c	22.00%	Nov 1, 2026
O•• E••••• P••••••• V••• L•••	equity equity	Not disclosed	$2.5M 108c
O••• 2•••••	term loan lien unstated	$3.6M	$2.5M 84c	9.67%	Jul 1, 2032
T•••••• T•••• L•• P•••••• a••••••••• i•••••••••	unstated lien unstated	Not disclosed	$2.5M 102c	S+900 bp
O••• 2•••••	term loan lien unstated	$3.2M	$2.4M 90c	S+485 bp	Jan 1, 2038
K••••• A••••••••• L•• a•• K••••• H•••••••• L•	equity equity	Not disclosed	$2.4M 100c
G•• P•••••• I••• a•• G•• G•••• H•••••••• L•	equity equity	Not disclosed	$2.4M 100c
O••• 2•••••	term loan lien unstated	$3.1M	$2.4M 82c	8.87%	Oct 1, 2037
M••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+500 bp	Jul 1, 2038
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
M••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+510 bp	Jan 1, 2038
K••••••• P•••••• C••••• I•••••••• R•••• F•••••••• L•••••	term loan unsecured or subordinated	$2.5M	$2.4M 100c	S+925 bp	Dec 1, 2036
E•••••• D•••• A•••••••• L•• a•• E•••••• D•••• A••••••• H•••••• L••	revolver first lien	$2.4M	$2.4M 100c	S+475 bp	Jul 1, 2031
G•••• 2••••••	term loan lien unstated	$2.4M	$2.4M 100c	S+600 bp	Oct 1, 2034
B•• 2••••••	term loan lien unstated	$2.4M	$2.4M 99c	S+490 bp	Apr 1, 2035
H••• 2•••••	term loan lien unstated	$3.4M	$2.4M 89c	13.51%	Oct 1, 2037
M•••• 2••••••	term loan lien unstated	$2.3M	$2.4M 103c	S+650 bp	Jul 1, 2038
M•••• 2••••••	term loan lien unstated	$2.3M	$2.3M 100c	S+450 bp	Jan 1, 2038
B••• C•••••• F••• X•• L•••	equity equity	Not disclosed	$2.3M 124c
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
O•••••••• I•••••••• A••••• L•• a•• M•••• A••••••••• H•••••••• L•	equity equity	Not disclosed	$2.3M 114c

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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