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K•• F• I••••• T••••

Business development companymanaged by F••••• A••••••• L••Non-traded· PHILADELPHIA, PA

A non-traded business development company, managed by F••••• A••••••• L••, holding $3.2B across 167 borrowers at Jun 30, 2026.

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

Fair value
$3.2B
Borrowers
167
Mark on cost
99.4¢
Schedule of investments (673)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 3 below 80¢
    $25.9M principal

    3 positions across 2 borrowers marked below 80¢ on cost, $25.9M 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. 3 → 7
    loans paying in kind

    Loans paying in kind rose from 3 to 7 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. $2.0B → $3.2B
    fair value, 4 quarters

    Its portfolio grew 60% 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 1930679 · file 814-01620Show
Fair value
$3.2B
as of Jun 30, 2026
Principal held
$3.1B
debt pieces, the filer's figure
Cost
$3.2B
99c on cost, debt pieces
Unfunded
$511M
commitments not yet drawn
Positions
673
167 borrowers
First lien
not established
93% debt by fair value
Quarters on the tape
14
since Dec 31, 2022
Facilities held
176
30 sponsors financed
Portfolio through time
Fair value by quarter end$3.2B as of Jun 30, 2026
Dec 31, 2022$8.3M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.2B16799c7488 bp
Mar 31, 2026$3.2B168100c3487 bp
Dec 31, 2025$3.3B168101c3491 bp
Sep 30, 2025$2.5B153101c7506 bp
All 14 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.0B138101c6513 bp
Mar 31, 2025$1.7B118101c17525 bp
Dec 31, 2024$2.6B103101c15544 bp
Sep 30, 2024$1.1B88101c9588 bp
Jun 30, 2024$777M65101c11589 bp
Mar 31, 2024$547M50101c7598 bp
Dec 31, 2023$356M34101c2672 bp
Sep 30, 2023$213M23101c0686 bp
Jun 30, 2023$144M18101c0681 bp
Dec 31, 2022$8.3M14100c0637 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 Mar 31, 2025
0 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Page 5Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2024 to 2024reported
Filings listed
13reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-056131reported
Capital chain

K•• F• I••••• T•••• sits on 37 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

723 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 2 connections across 1 kind
Manages (2)

Not yet on record: first lien.