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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.9B
Borrowers: 62
Mark on cost: 98.6¢
First lien: 95%

Schedule of investments (127)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

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
$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 →
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.9B	62	99c	2	533 bp
Mar 31, 2026	$1.6B	57	99c	2	519 bp
Dec 31, 2025	$1.6B	55	100c	2	525 bp
Sep 30, 2025	$1.1B	48	100c	1	543 bp

All 11 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$737M	41	100c	1	538 bp
Mar 31, 2025	$2.2B	37	100c	1	542 bp
Dec 31, 2024	$2.5B	34	100c	3	552 bp
Sep 30, 2024	$359M	29	100c	1	559 bp
Jun 30, 2024	$270M	24	100c	1	536 bp
Mar 31, 2024	$180M	19	100c	1	535 bp
Dec 31, 2023	$105M	16	100c	0	532 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 lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C•••• G•••• S•• first lien term loan
1 BDC hold it · matures Jan 31, 2030
$100M 100c
D••••• M•••• 2• L•• first lien term loan
23 BDCs hold it · matures Aug 26, 2032
$85.9M 100c
A•••••• S••••••••• I•• first lien term loan
3 BDCs hold it · matures Aug 12, 2032 · possible sponsor N••••• C••••••
$75.0M 100c
M••••••••• T••••••••• I•• first lien term loan
7 BDCs hold it · matures Nov 3, 2032
$74.6M 100c
M••••••••• S•• H•••••••• L•• first lien term loan
1 BDC hold it · matures Dec 24, 2029
$72.1M 101c
A•••• L•• B•••• S• R• first lien term loan
1 BDC hold it · matures Dec 19, 2032
$67.7M 100c
S••• P•••••••• L•• first lien term loan
1 BDC hold it · matures Jun 6, 2030
$62.3M 100c
M••••••• B•••• I•• first lien term loan
9 BDCs hold it · matures Dec 2, 2031
$59.6M 100c
G••••• U• O••• I•• first lien term loan
3 BDCs hold it · matures Jan 12, 2033
$54.3M 100c
G• F••• A••••••••• L•• first lien term loan
1 BDC hold it · matures Jan 30, 2032
$53.3M 100c
D•••••••• I•• first lien term loan
11 BDCs hold it · matures Sep 12, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••
$52.4M 101c
T••••••••• I•• first lien term loan
1 BDC hold it · matures Jun 12, 2031
$49.1M 100c

Schedule of investments at Mar 31, 2025

96 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T•••• I••••••••• • n•••••••••	unstated lien unstated	Not disclosed	$598M 100c
T•••• F••••••••• D•••	term loan first lien	Not disclosed	$589M 100c
M••••••••• IT Services & IT Systems	unstated lien unstated	Not disclosed	$96.1M 100c
D••• • A•••••••• D••• • A••••••••	unstated lien unstated	Not disclosed	$70.6M 101c
R••• E••••• R••• E•••••	unstated lien unstated	Not disclosed	$43.8M 100c
S•• H•••••••• L••	revolver lien unstated	$41.0M	$40.4M 100c	SOFR+575 bp	Dec 24, 2029
D••••••••• F•••••••• I••••••••• • S••••••• D••••••••• F•••••••• I••••••••• • S•••••••	unstated lien unstated	Not disclosed	$39.5M 100c
I• S••••••• I• S•••••••	unstated lien unstated	Not disclosed	$34.7M 100c
D••••••••• S••••••• D••••••••• S•••••••	unstated lien unstated	Not disclosed	$32.9M 101c
A••••••••• • A••••••••• P•••• A••••••••• • A••••••••• P••••	unstated lien unstated	Not disclosed	$31.6M 97c
A•••••• I•••	unstated lien unstated	$29.1M	$29.0M 100c	SOFR+525 bp	Jan 30, 2031
T••••••••• L•••••••• • S••••• C•••• T••••••••• L•••••••• • S••••• C••••	unstated lien unstated	Not disclosed	$28.4M 103c
I•••••••• I••••••••	unstated lien unstated	Not disclosed	$28.2M 101c
R•••• N••••••••• B•••	term loan first lien	$30.7M	$27.5M 100c	SOFR+1100 bp	Sep 13, 2030
Z••••• C•••••••• H•••••••• L••	unstated lien unstated	$26.5M	$26.2M 101c	SOFR+800 bp	Aug 30, 2029
R•••••• S••••••• G••••• L••	unstated lien unstated	$26.6M	$26.2M 100c	SOFR+525 bp	Jun 15, 2029
M•• S•••••••• L••	unstated lien unstated	$23.5M	$23.3M 100c	SOFR+475 bp	Feb 10, 2027
C•••• S•••••••• I•••	unstated lien unstated	$23.2M	$23.0M 101c	SOFR+575 bp	Jul 18, 2030
O••••••••• L••	unstated lien unstated	$22.7M	$22.8M 101c	SOFR+500 bp	Apr 22, 2031
A•• D••• C••••••• L••	unstated lien unstated	$21.6M	$20.9M 100c	SOFR+475 bp	Nov 27, 2030
I••••••••• I•••	unstated lien unstated	$20.7M	$20.5M 100c	SOFR+450 bp	Jan 12, 2032
A•••••• I•••••••••	term loan first lien	$20.2M	$20.2M 101c	SOFR+685 bp PIK 1.00%	Apr 1, 2027
D••••••••• I•••	unstated lien unstated	$20.0M	$20.2M 101c	SOFR+450 bp	Dec 31, 2030
R••••• S•••••••• I•••	term loan first lien	$19.8M	$19.8M 100c	SOFR+425 bp	Nov 28, 2028
P••••••• S•••••••• I•••	term loan first lien	$19.9M	$18.9M 96c	SOFR+475 bp	Mar 21, 2031
N•••••• L••	unstated lien unstated	$18.0M	$17.7M 100c	SOFR+600 bp	Nov 12, 2029
A•••••• I••••••••• H•••••••• I•••	term loan first lien	$17.6M	$17.5M 101c	SOFR+650 bp	Mar 19, 2031
S••••••••• H•••••••• I•••	term loan first lien	$17.5M	$17.0M 100c	SOFR+400 bp	Mar 12, 2032
E•••••• H•••••••• I•••	unstated lien unstated	$17.0M	$17.0M 101c	SOFR+550 bp	Dec 24, 2029
M• S•• I• L••	term loan first lien	$17.8M	$16.8M 95c	SOFR+425 bp	Dec 31, 2031
M••••••••• T••••••••• I•••	term loan first lien	$15.8M	$16.2M 105c	SOFR+600 bp	May 16, 2031
M••• S•••••• B•••	unstated lien unstated	$16.7M	$16.0M 103c	SOFR+900 bp	Sep 14, 2029
C• B•••• I•••	unstated lien unstated	$15.2M	$15.1M 100c	SOFR+500 bp	Jul 1, 2031
D••••••• C•••••••••	unstated lien unstated	$15.0M	$14.9M 101c	SOFR+500 bp	Aug 2, 2030
H••••••••• I• • T••••••••• H••••••••• I• • T•••••••••	unstated lien unstated	Not disclosed	$14.7M 99c
M•••••••• I••••••••• H•••••••	term loan first lien	$13.2M	$13.2M 100c	SOFR+500 bp	Mar 12, 2029
A•• I••• L••	unstated lien unstated	$13.3M	$13.1M 101c	SOFR+650 bp	Oct 31, 2029
S••••••• I•••	unstated lien unstated	$12.4M	$12.2M 101c	SOFR+575 bp	Nov 20, 2030
S•••• H••••••• M•••• S•• r••	unstated lien unstated	$10.1M	$10.1M 100c	SOFR+650 bp	May 23, 2031
I••••• I•••	term loan first lien	$9.9M	$10.0M 101c	SOFR+500 bp	Oct 30, 2031
A••••••••• G••••• I•••	term loan first lien	$9.9M	$9.8M 100c	SOFR+300 bp	Feb 15, 2029
F•••• C••••• I•••	term loan first lien	$10.0M	$9.3M 99c	SOFR+350 bp	Mar 2, 2028
C•••••• P•••••• I•••	term loan first lien	$9.9M	$8.8M 88c	SOFR+325 bp	Jul 6, 2029
B•••••••• N•••••• H•••••••• I•••	term loan first lien	$7.0M	$7.0M 99c	SOFR+400 bp	Mar 12, 2029
Z•••• H••••••••• C•••••••••	term loan first lien	$5.0M	$4.9M 98c	SOFR+325 bp	Nov 26, 2031
T•••• P•••••••• E•••••	preferred equity equity	Not disclosed	$4.8M 101c
T•••• O•••• E•••••	unstated lien unstated	Not disclosed	$4.6M 107c
M••••••••• T••••••••• I•••	preferred equity equity	$4.3M	$4.3M 101c	16.00%	May 16, 2034
R•••• F•••••••• N••••••• L•••	equity equity	Not disclosed	$2.9M 100c		Sep 13, 2030
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$2.0M	$2.0M 100c	SOFR+500 bp	Aug 25, 2028
D••••• B•••• I••	term loan first lien	$2.0M	$2.0M 100c	SOFR+300 bp	Sep 30, 2031
M••• S•••••• B•••	equity equity	$19.2M	$1.3M 102c		Sep 14, 2029
M••••••••• T••••••••• I•••	preferred equity equity	$480,000	$480,000 105c	17.50%	May 16, 2034
M••••••••• T••••••••• I•••	equity equity	$280,000	$285,000 1425c		May 16, 2034
D••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
D••••••• C•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
Z••••• C•••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+800 bp
I••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
S••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
M•• S•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
N•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
A•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
C•••• S•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
O••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
E•••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
B•••••••• N•••••• H•••••••• I•••• A•• I••• L••• M••• S•••••• B•••• A•••••• I••••••••• S•• H•••••••• M•• S•••••••	term loan first lien	Not disclosed	Not disclosed
I•••••••• M•••••••• A••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
R•••••• S••••••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
S•••• H••••••• M•••• S•• r••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp
A•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
A•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
C• B•••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
C•••• S•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
R•••• N••••••••• B•••• Z••••• C•••••••• H•••••••• L••	term loan first lien	Not disclosed	Not disclosed
T•••• I••••••••• C••• a•• C••• E••••••••• a•• R••••••••• C••	unstated lien unstated	Not disclosed	Not disclosed
C•••• S•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
O••••••••• L••• A•••••• I••••••••• H•••••••• I•••• C•••• S•••••••• C• B•••• I•••• M•••••••• I••••••••• H•••••••• A•••••• D••••••• C••••••••• I•••••••• M•••••••• A••••••••• L••• F•••• C••••• R•••••• S••••••• G••••• I••••••••• A•• D••• C••••••• S••••••• E•••••• H•••••••	unstated lien unstated	Not disclosed	Not disclosed
A•• I••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
A•• D••• C••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
I••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
I••••• I•••• R••••• S•••••••• A••••••••• G••••• P••••••• S•••••••• M• S•• I• L••	unstated lien unstated	Not disclosed	Not disclosed
M••• S•••••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+900 bp
A•• D••• C••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
R•••••• S••••••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
A•••••• I••••••••• H•••• I•••	revolver lien unstated	Not disclosed	Not disclosed
S•• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
D••••••• C•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
C••• a•• C••• E••••••••• a•• R••••••••• C••• a•• C••• E•••••	unstated lien unstated	Not disclosed	Not disclosed
A•• I••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp
N•••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
E•••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
O••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
A•••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
C• B•••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp

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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