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V•••• C••••• S•••••••• L•••••• C••••

Business development companymanaged by V•••• C••••• B•• M••••••••• L•••Non-traded· SAN FRANCISCO, CA

A non-traded business development company, managed by V•••• C••••• B•• M••••••••• L•••, holding $1.9B across 62 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.9B
Schedule of investments, 10-Q and 10-K
Borrowers
62
Schedule of investments, 10-Q and 10-K
Mark on cost
98.6¢
Schedule of investments, 10-Q and 10-K
First lien
95%
Schedule of investments, 10-Q and 10-K
Schedule of investments (127)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 2 below 80¢
    $51.3M principal

    2 positions across 2 borrowers marked below 80¢ on cost, $51.3M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  2. $737M → $1.9B
    fair value, 4 quarters

    Its portfolio grew 153% 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 →
  3. 57 → 62
    borrowers

    Added a net 5 borrowers in the quarter to Jun 30, 2026, to 62.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 1919369 · file 814-01651Show
Fair value
$1.9B
as of Jun 30, 2026
Principal held
$1.8B
debt pieces, the filer's figure
Cost
$1.9B
99c on cost, debt pieces
Unfunded
$324M
commitments not yet drawn
Positions
127
62 borrowers
First lien
95%
95% debt by fair value
Quarters on the tape
11
since Dec 31, 2023
Facilities held
118
12 sponsors financed
Portfolio through time
Fair value by quarter end$1.9B as of Jun 30, 2026
Dec 31, 2023$105M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.9B6299c2533 bp
Mar 31, 2026$1.6B5799c2519 bp
Dec 31, 2025$1.6B55100c2525 bp
Sep 30, 2025$1.1B48100c1543 bp
All 11 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$737M41100c1538 bp
Mar 31, 2025$2.2B37100c1542 bp
Dec 31, 2024$2.5B34100c3552 bp
Sep 30, 2024$359M29100c1559 bp
Jun 30, 2024$270M24100c1536 bp
Mar 31, 2024$180M19100c1535 bp
Dec 31, 2023$105M16100c0532 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Jun 30, 2024
48 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A•••••• I•••••••••unstated lien unstated$20.1M$20.1M
102c
S+685 bp
PIK 1.00%
Apr 1, 2027
A•••••• I•••unstated lien unstated$19.8M$19.6M
100c
S+525 bpJan 30, 2031
O••••••••• L••unstated lien unstated$19.5M$19.2M
100c
S+525 bp
E•••••• H•••••••• I•••unstated lien unstated$16.6M$16.4M
101c
S+550 bpDec 24, 2029
M••••••••• T••••••••• I•••term loan first lien$15.9M$15.6M
100c
S+600 bp
R•••••• S••••••• G••••• L••delayed draw term loan lien unstated$15.1M$15.0M
102c
S+625 bpJun 15, 2029
R••••• S•••••••• I•••unstated lien unstated$14.9M$15.0M
101c
S+475 bpNov 28, 2028
D••••••• C•••••••••unstated lien unstated$15.0M$14.8M
100c
S+500 bpAug 2, 2030
A•••••• I••••••••• H•••••••• I•••unstated lien unstated$13.2M$12.9M
100c
S+650 bpMar 19, 2031
G••• G••••• I•••unstated lien unstated$14.1M$12.6M
95c
S+475 bpApr 28, 2028
S••••••• I•••unstated lien unstated$12.5M$12.3M
101c
S+575 bpNov 20, 2030
A•• I••• L••unstated lien unstated$11.6M$11.4M
101c
S+650 bpOct 31, 2029
P••••••• S•••••••• I•••unstated lien unstated$10.0M$10.0M
101c
S+475 bpMar 21, 2031
S•••• H••••••• M•••• S•• r••unstated lien unstated$10.1M$10.0M
100c
S+650 bpMay 23, 2031
R••••••••• H•••••• C••••unstated lien unstated$9.9M$9.9M
100c
S+425 bp
M• S•• I• L••unstated lien unstated$9.9M$9.9M
102c
S+425 bpDec 31, 2031
A••••••••• G••••• I•••term loan first lien$9.9M$9.9M
100c
S+325 bpFeb 15, 2029
C•••••• P•••••• I•••unstated lien unstated$10.0M$9.9M
99c
S+325 bpJul 6, 2029
B•••• M••••• S••• I•••unstated lien unstated$6.5M$6.5M
101c
S+425 bpJul 30, 2031
Z•••• H••••••••• C•••••••••unstated lien unstated$5.0M$5.0M
101c
S+275 bpNov 26, 2031
Q••••• A••••••••• L••unstated lien unstated$5.0M$5.0M
100c
S+275 bp
M••••••••• T••••••••• I•••preferred equity equity$4.8M$4.7M
100c
16.00%
M•• S•••••••• L••unstated lien unstated$2.1M$2.0M
100c
S+575 bpFeb 10, 2027
I•••••••• M•••••••• A••••••••• L••delayed draw term loan lien unstated$1.8M$1.7M
99c
S+600 bpAug 25, 2028
M••••••••• T••••••••• I•••equity equity$0$20,000
100c
May 16, 2034
O••••••••• L••revolver lien unstatedNot disclosedNot disclosedS+525 bp
D••••••• C•••••••••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
O••••••••• L••• I•••••••• M•••••••• A••••••••• L••• R•••••• S••••••• G••••• E•••••• H•••••••• I•••• D••••••• C••••••••• A•••••• a•• S••••••unstated lien unstatedNot disclosedNot disclosed
E•••••• H•••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+550 bp
S••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+575 bp
M•• S•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+575 bp
S••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+575 bp
S•••• H•••••••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•• I••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+650 bp
O••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
S••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+575 bp
R•••••• S••••••• G••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+625 bp
E•••••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+550 bp
A•••••• I•••revolver lien unstatedNot disclosedNot disclosedS+525 bp
I•••••••• M•••••••• A••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+600 bp
A•••••• I••••••••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+650 bp
A•••••• I••••••••• H•••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+650 bp
A•••••• I••••••••• A•• I••• L••• A•••••• I••••••••• H•••••••• I•••• a•• M••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
M•• S•••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+575 bp
A•• I••• L••revolver lien unstatedNot disclosedNot disclosedS+650 bp
D••••••• C•••••••••revolver lien unstatedNot disclosedNot disclosedS+500 bp
A•••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+525 bp
A••••••••• G••••• I•••• M• S•• I• L••• P••••••• S•••••••• R••••••••• H•••••• C••••• a•• R•••••
S•••••••
term loan first lienNot disclosedNot disclosed
Page 1 of 1
Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2026 to 2026reported
Filings listed
12reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-339655reported