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F••••••• P•••••• C••••• F•••

Business development companymanaged by F••••••• D••••••••• S•••••••• L••Non-traded· BOSTON, MA

A non-traded business development company, managed by F••••••• D••••••••• S•••••••• L••, holding $2.3B across 140 borrowers at Jun 30, 2026.

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

Fair value
$2.3B
Schedule of investments, 10-Q and 10-K
Borrowers
140
Schedule of investments, 10-Q and 10-K
Mark on cost
98.7¢
Schedule of investments, 10-Q and 10-K
First lien
97%
Schedule of investments, 10-Q and 10-K
Schedule of investments (384)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 13 below 80¢
    $53.1M principal

    13 positions across 10 borrowers marked below 80¢ on cost, $53.1M 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. 14 → 18
    loans paying in kind

    Loans paying in kind rose from 14 to 18 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 →
  3. $1.8B → $2.3B
    fair value, 4 quarters

    Its portfolio grew 29% 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 1920453 · file 814-01571Show
Fair value
$2.3B
as of Jun 30, 2026
Principal held
$2.3B
debt pieces, the filer's figure
Cost
$2.3B
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
384
140 borrowers
First lien
97%
99% debt by fair value
Quarters on the tape
14
since Mar 31, 2023
Facilities held
310
17 sponsors financed
Portfolio through time
Fair value by quarter end$2.3B as of Jun 30, 2026
Mar 31, 2023$418M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.3B14099c18534 bp
Mar 31, 2026$2.3B14199c14530 bp
Dec 31, 2025$2.2B13999c11533 bp
Sep 30, 2025$1.9B13399c4538 bp
All 14 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.8B133100c2540 bp
Mar 31, 2025$8.9B141100c2530 bp
Dec 31, 2024$8.2B124100c0536 bp
Sep 30, 2024$5.5B114100c0534 bp
Jun 30, 2024$4.6B101101c0537 bp
Mar 31, 2024$3.8B76101c0562 bp
Dec 31, 2023$3.3B50101c0601 bp
Sep 30, 2023$1.7B34101c0613 bp
Jun 30, 2023$993M27101c0629 bp
Mar 31, 2023$418M16101c0631 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 Sep 30, 2025
321 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
N•• A••••••••• C• L••
R••••••• & C••••••••• S••••••s
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+475 bpJul 16, 2030
T•• S•••••• D••• L••
H••••• C••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
Apr 4, 2029
R••••••••• I••
H••••• C••• T•••••••••
revolver first lienNot disclosedNot disclosed
n/a
S+500 bpAug 12, 2030
N• O•••• M••••••••• S•••••••• L••
H••••• C••• S••••••s
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+500 bpDec 13, 2030
A•• F••••• B•••• I••
A••••••••• S•••••••
revolver first lienNot disclosedNot disclosed
n/a
S+550 bpAug 1, 2029
N• O•••• M••••••••• S•••••••• L••
H••••• C••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+500 bpDec 13, 2030
B••••••• M••• L••
H••••• C••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
Jun 3, 2030
M••• G••••• L••
A•••••••••
revolver first lienNot disclosedNot disclosed
n/a
S+550 bpApr 26, 2029
V•• M•••••• U• B••••• L••
H••••• C••• S••••••s
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+525 bpDec 12, 2028
S•••• G••••• S•••••••• A••••••••• I••
S••••••••• C••••••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+550 bpMay 6, 2029
D•••••••• P••• W••••
E••••••••• & F••••••••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+525 bpAug 16, 2030
W•••••• P••••••••• L••
L••• S••••••• T•••• & S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+625 bpNov 6, 2029
N•• A••••••••• C• L••
R••••••• & C••••••••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+475 bpJul 16, 2030
M•••• F•••• I••••••••• L••
P••••••• F•••• & M••••
revolver first lienNot disclosedNot disclosed
n/a
S+625 bpApr 30, 2029
R•• C•••••••••
R••••••• & C••••••••• S••••••s
revolver first lienNot disclosedNot disclosed
n/a
S+525 bpAug 2, 2030
L•••••• L••
E••••••••• C••••••••• & E••••••••
revolver first lienNot disclosedNot disclosed
n/a
S+600 bpMar 21, 2030
K••• P••••••• L••
A•••••••• & D••••••
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+475 bpJan 19, 2031
E•• B••••• L••
E••••••••• C•••••••••
revolver first lienNot disclosedNot disclosed
n/a
S+475 bpJan 10, 2029
B••••••• M••• L••
H••••• C••• S••••••s
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+575 bpJun 3, 2030
M•••• F•••• I••••••••• L••
P••••••• F•••• & M••••
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+625 bpApr 30, 2029
A•• A•••• M•••• L••
A••••••••• S•••••••
delayed draw term loan first lienNot disclosedNot disclosed
n/a
S+500 bpOct 2, 2029
Page 4 of 4Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2023 to 2026reported
Filings listed
15reported10-Q and 10-K since 2022
Former names
F••••••• Private Credit Trustreported
Latest schedule
0001193125-26-346851reported