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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 · 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, 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
- 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 → $1.9Bfair 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.
- 57 → 62borrowers
Added a net 5 borrowers in the quarter to Jun 30, 2026, to 62.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1919369 · file 814-01651ShowHide
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
| 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 quartersShow fewer
| 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
- 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
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Largest facilities held, with co-lenders
- C•••• G•••• S•• first lien term loan1 BDC hold it · matures Jan 31, 2030$100M 100c
- D••••• M•••• 2• L•• first lien term loan23 BDCs hold it · matures Aug 26, 2032$85.9M 100c
- A•••••• S••••••••• I•• first lien term loan3 BDCs hold it · matures Aug 12, 2032 · possible sponsor N••••• C••••••$75.0M 100c
- M••••••••• T••••••••• I•• first lien term loan7 BDCs hold it · matures Nov 3, 2032$74.6M 100c
- M••••••••• S•• H•••••••• L•• first lien term loan1 BDC hold it · matures Dec 24, 2029$72.1M 101c
- A•••• L•• B•••• S• R• first lien term loan1 BDC hold it · matures Dec 19, 2032$67.7M 100c
- S••• P•••••••• L•• first lien term loan1 BDC hold it · matures Jun 6, 2030$62.3M 100c
- M••••••• B•••• I•• first lien term loan9 BDCs hold it · matures Dec 2, 2031$59.6M 100c
- G••••• U• O••• I•• first lien term loan3 BDCs hold it · matures Jan 12, 2033$54.3M 100c
- G• F••• A••••••••• L•• first lien term loan1 BDC hold it · matures Jan 30, 2032$53.3M 100c
- D•••••••• I•• first lien term loan11 BDCs hold it · matures Sep 12, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••$52.4M 101c
- T••••••••• I•• first lien term loan1 BDC hold it · matures Jun 12, 2031$49.1M 100c
Schedule of investments at Jun 30, 2025
88 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S••• P•••••••• L•• D••••••••• Financial I••••••••• & S••••••s | term loan first lien | $56.5M | $55.5M 100c | SOFR+650 bp | Jun 6, 2030 |
| A•••••• I••• G••••••••• & Public S•••••• | term loan first lien | $44.2M | $44.0M 100c | SOFR+475 bp | Jan 30, 2031 |
| M••••••••• ••••••••• S•• H•••••••• L•• IT S••••••s & IT Systems | term loan first lien | $41.0M | $40.7M 101c | SOFR+575 bp | Dec 24, 2029 |
| M••••••••• ••••••••• R•••••• S••••••• G••••• L•• IT S••••••s & IT Systems | term loan first lien | $29.9M | $29.5M 100c | SOFR+525 bp | Jun 15, 2029 |
| R•••• N••••••••• B••• D••••••••• Financial I••••••••• & S••••••s | term loan first lien | $30.7M | $28.7M 104c | SOFR+1100 bp | Sep 13, 2030 |
| P••••••• L•••• I••• I••••••••• S••••••• & D••••• | term loan first lien | $28.6M | $28.5M 100c | SOFR+675 bp | Apr 24, 2030 |
| L••••••••• I••• A••••••••• & A••••••••• P•••• | term loan first lien | $28.9M | $28.4M 100c | SOFR+525 bp | Jun 23, 2032 |
| Z••••• C•••••••• H•••••••• L•• I•••••••• | term loan first lien | $26.5M | $26.3M 101c | SOFR+800 bp | Aug 30, 2029 |
| M•• S•••••••• L•• Real Estate | term loan first lien | $23.4M | $23.3M 100c | SOFR+475 bp | Feb 10, 2027 |
| C•••• S•••••••• I••• D••• & A•••••••• | term loan first lien | $23.2M | $23.0M 101c | SOFR+625 bp | Jul 18, 2030 |
| O••••••••• L•• A••••••••• & A••••••••• P•••• | term loan first lien | $22.7M | $22.7M 101c | SOFR+525 bp | Apr 22, 2031 |
| A•• D••• C••••••• L•• T•••••• S••••••s & IT H••••••• | term loan first lien | $22.4M | $21.7M 100c | SOFR+475 bp | Nov 27, 2030 |
| I••••••••• I••• Real Estate | term loan first lien | $20.7M | $20.6M 100c | SOFR+450 bp | Jan 12, 2032 |
| M••••••••• ••••••••• A•••••• I••••••••• IT S••••••s & IT Systems | term loan first lien | $20.3M | $20.3M 101c | SOFR+585 bp PIK 1.00% | Apr 1, 2027 |
| D••••••••• I••• D••• & A•••••••• | term loan first lien | $20.0M | $20.2M 102c | SOFR+450 bp | Dec 31, 2030 |
| R••••• S•••••••• I••• D••••••••• S••••••• | term loan first lien | $19.7M | $19.8M 101c | SOFR+425 bp | Nov 28, 2028 |
| P••••••• S•••••••• I••• I••••••••• S••••••• & D••••• | term loan first lien | $19.9M | $19.1M 97c | SOFR+475 bp | Mar 21, 2031 |
| N•••••• L•• IT S••••••• | term loan first lien | $18.7M | $18.4M 100c | SOFR+600 bp | Nov 12, 2029 |
| A•••••• I••••••••• H•••••••• I••• D••• & A•••••••• | term loan first lien | $17.6M | $17.6M 101c | SOFR+600 bp | Mar 19, 2031 |
| M••••••••• ••••••••• S••••••••• H•••••••• I••• IT S••••••s & IT Systems | term loan first lien | $17.5M | $17.2M 101c | SOFR+400 bp | Mar 12, 2032 |
| E•••••• H•••••••• I••• U•••••••• & U•••••• E•••••••• and S••••••s | term loan first lien | $17.0M | $17.0M 101c | SOFR+550 bp | Dec 24, 2029 |
| M••• S•••••• B••• H•••••, R••••••••• & L•••••• | term loan first lien | $17.3M | $16.9M 105c | SOFR+900 bp | Sep 14, 2029 |
| M• S•• I• L•• M••••, E••••••••• & P••••••••• | term loan first lien | $17.8M | $16.2M 92c | SOFR+425 bp | Dec 31, 2031 |
| M••••••••• T••••••••• I••• T•••••••••, L•••••••• & S••••• C•••• | term loan first lien | $15.7M | $16.2M 105c | SOFR+600 bp | May 16, 2031 |
| C• B•••• I••• D••••••••• B••••••• S••••••s | term loan first lien | $15.6M | $15.5M 100c | SOFR+525 bp | Jul 1, 2031 |
| D••••••• C••••••••• G•••••••••, R••• & C••••••••• | term loan first lien | $15.1M | $15.0M 101c | SOFR+500 bp | Aug 2, 2030 |
| A•• I••• L•• D••••••••• S••••••• | term loan first lien | $13.9M | $13.8M 101c | SOFR+650 bp | Oct 31, 2029 |
| M•••••••• I••••••••• H••••••• E•••••••• | term loan first lien | $13.2M | $13.2M 101c | SOFR+500 bp | Mar 12, 2029 |
| S••••••• I••• T•••••••••, L•••••••• & S••••• C•••• | term loan first lien | $12.3M | $12.2M 101c | SOFR+575 bp | Nov 20, 2030 |
| M••••••••• ••••••••• F•••• C••••• I••• IT S••••••s & IT Systems | term loan first lien | $11.9M | $11.2M 101c | SOFR+350 bp | Mar 2, 2028 |
| S•••• H••••••• M•••• S•• r•• D••••••••• Financial I••••••••• & S••••••s | term loan first lien | $10.1M | $10.1M 101c | SOFR+650 bp | May 23, 2031 |
| I••••• I••• D••• & A•••••••• | term loan first lien | $9.9M | $10.0M 101c | SOFR+450 bp | Oct 30, 2031 |
| A••••••••• G••••• I••• H••••••••• IT & T••••••••• | term loan first lien | $9.9M | $9.9M 101c | SOFR+275 bp | Feb 15, 2029 |
| C•••••• P•••••• I••• A••••••••• & A••••••••• P•••• | term loan first lien | $9.9M | $8.3M 84c | SOFR+325 bp | Jul 6, 2029 |
| B•••••••• N•••••• H•••••••• I••• D••••••••• C••••••• S••••••s | term loan first lien | $7.0M | $7.0M 100c | SOFR+400 bp | Mar 12, 2029 |
| Z•••• H••••••••• C••••••••• H••••••••• IT & T••••••••• | term loan first lien | $5.0M | $5.0M 100c | SOFR+325 bp | Nov 26, 2031 |
| M••••••••• T••••••••• I••• T•••••••••, L•••••••• & S••••• C•••• | preferred equity equity | $4.3M | $4.3M 101c | 16.00% | May 16, 2034 |
| I•••••••• M•••••••• A••••••••• L•• I•••••••• | term loan first lien | $3.3M | $3.3M 101c | SOFR+500 bp | Aug 25, 2028 |
| R•••• F•••••••• N••••••• L••• D••••••••• Financial I••••••••• & S••••••s | equity equity | Not disclosed | $3.1M 105c | Sep 13, 2030 | |
| M••• S•••••• B••• H•••••, R••••••••• & L•••••• | equity equity | Not disclosed | $1.5M 117c | Sep 14, 2029 | |
| H•• G••• A•••••• C•••••••• ••••••• L• F••••••••• | equity equity | $1.1M | $1.1M 100c | May 14, 2036 | |
| M••••••••• T••••••••• I••• T•••••••••, L•••••••• & S••••• C•••• | preferred equity equity | $480,000 | $480,000 105c | 17.50% | May 16, 2034 |
| M••••••••• T••••••••• I••• T•••••••••, L•••••••• & S••••• C•••• | equity equity | Not disclosed | $285,000 1425c | May 16, 2034 | |
| D••••••• C••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I•••••••• M•••••••• A••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• F•••• T•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••• S•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| E•••••• H•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| M•• S•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| C•••• S•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| Z••••• C•••••••• H•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| R•••••• S••••••• G••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S•• H•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• F•••• F••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• F•••• F••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| O••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| H•• G••• A•••••• C•••••••• ••••••• L• | preferred equity equity | Not disclosed | Not disclosed | ||
| N•••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| O••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| C•••• S•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| R•••••• S••••••• G••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S••• P•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• F•••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S••• P•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| A•• D••• C••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| L••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• F•••• O•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•••••• I••••••••• H•••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| S••• P•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| A•• I••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| A•••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| C• B•••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| E•••••• H•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S•••• H••••••• M•••• S•• r•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| A•••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| L••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| A•• I••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| A•• D••• C••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| D••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| D••••••• C••••••••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| N•••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• F•••• T•••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C• B•••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed |
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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