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P•••••• S••••• B•• L••

Business development companymanaged by G•••••• S•••• A•••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by G•••••• S•••• A•••• M••••••••• L••, holding $994M across 99 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: $994M
Borrowers: 99
Mark on cost: 99.2¢
First lien: 99%

Schedule of investments (291)Quarter by quarter Sponsors

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

What matters now

1 below 80¢
$1.49M principal
1 position across 1 borrower marked below 80¢ on cost, $1.49M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
11 → 15
loans paying in kind
Loans paying in kind rose from 11 to 15 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 →
$735M → $994M
fair value, 4 quarters
Its portfolio grew 35% 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 1948368 · file 814-01579Show

Fair value

$994M

as of Jun 30, 2026

Principal held

$1.2B

debt pieces, the filer's figure

Cost

$995M

99c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

291

99 borrowers

First lien

99%

99% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

103

28 sponsors financed

Portfolio through time

Fair value by quarter end$994M as of Jun 30, 2026

Oct 5, 2022$0 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$994M	99	99c	15	506 bp
Mar 31, 2026	$942M	99	99c	11	504 bp
Dec 31, 2025	$942M	99	100c	12	507 bp
Sep 30, 2025	$785M	88	100c	7	518 bp

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$735M	80	100c	8	541 bp
Mar 31, 2025	$4.2B	75	100c	11	553 bp
Dec 31, 2024	$3.7B	69	100c	8	565 bp
Sep 30, 2024	$2.8B	65	100c	7	570 bp
Jun 30, 2024	$2.1B	48	100c	1	608 bp
Mar 31, 2024	$1.2B	36	101c	3	641 bp
Dec 31, 2023	$1.1B	33	100c	3	657 bp
Sep 30, 2023	$551M	21	100c	7	688 bp
Jun 30, 2023	$98.1M	12	n/a	0	682 bp
Mar 31, 2023	$67.1M	5	n/a	0	695 bp
Dec 31, 2022	$530M	5	100c	0	707 bp
Oct 5, 2022	$0	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Spread increasedJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Full timeline · 20 events

Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
New lender joined a facilityDec 31, 2025
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
New lender joined a facilityDec 31, 2025
••• Locked
New lender joined a facilityDec 31, 2025
••• Locked
New lender joined a facilityDec 31, 2025
••• Locked
New lender joined a facilityDec 31, 2025
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
New lender joined a facilityDec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Spread increasedDec 31, 2025
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

K• T••••• I••• L•• first lien term loan
4 BDCs hold it · matures May 2, 2029 · possible sponsor S••••••• C•••••• A•••••••• L••
$31.4M 99c
S••••• A••••••••• I•• first lien term loan
9 BDCs hold it · matures Oct 25, 2032
$27.3M 99c
F•••••••• R••• S••••• O••••••••• L•• first lien term loan
7 BDCs hold it · matures Mar 4, 2032
$23.1M 97c
E•••••• P•••••••• C••••••• L•• first lien term loan
3 BDCs hold it · matures Jun 2, 2031
$22.5M 100c
P•••• A••••••••• B••••• I•• first lien term loan
10 BDCs hold it · matures Dec 31, 2032 · possible sponsor A•••• C•••••• P•••••••• L•
$22.5M 99c
A•• D••• C••••••• L•• first lien term loan
6 BDCs hold it · matures Nov 27, 2030
$22.5M 97c
G•• T•••• C••••••••• first lien term loan
7 BDCs hold it · matures Oct 15, 2031
$22.5M 100c
O•••• M•••••• B••••• L•• first lien term loan
3 BDCs hold it · matures Dec 31, 2031 · possible sponsor R•••••• C•••••• P••••••• L•
$22.4M 100c
N• T••••• L•• first lien term loan
10 BDCs hold it · matures Sep 2, 2031
$22.4M 99c
S••••••••• S•••••••• L•• first lien term loan
3 BDCs hold it · matures May 10, 2030
$22.4M 100c
V•••• B••••• I•• first lien term loan
17 BDCs hold it · matures Jan 31, 2032
$22.4M 99c
S••••••••• I•• first lien term loan
7 BDCs hold it · matures Dec 18, 2029
$22.3M 99c

Schedule of investments at Jun 30, 2024

144 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
V••• F•••••• B••••• I••• D••••••••• C••••••• Services	term loan first lien	Not disclosed	-$1,000 14c	S+750 bp	Aug 14, 2028
A•••• B••••• I••• ••• A••••• T••••••••• S•••••••	term loan first lien	Not disclosed	-$2,000 25c	S+575 bp	Jul 1, 2030
C••••••••• H•••••••• L•• ••• S••••••• L•••••• P•••••••	term loan first lien	Not disclosed	-$4,000 50c	S+650 bp	Jul 18, 2028
F•••••••• O••••••••• L•• Financial Services	term loan first lien	Not disclosed	-$5,000 31c	S+825 bp	Nov 27, 2029
R••••••• B•••• I••• ••• R••••••• M••••	term loan first lien	Not disclosed	-$5,000 45c	S+625 bp	Aug 31, 2028
B•••• B•••• I••• ••• B•••••• C•••• B•••••• C••••••• S•••••• D••••••••• & R•••••	term loan first lien	Not disclosed	-$5,000 42c	S+600 bp	Oct 5, 2029
P• I••••••••• H••••••• I••• L•• ••• P•••• T•••• T•••••• Companies & D•••••••••	term loan first lien	Not disclosed	-$5,000 500c	S+475 bp	Apr 9, 2030
P•••••• A••••••••• P•••••• L•• ••• A•• F••••••• Financial Services	term loan first lien	Not disclosed	-$6,000 100c	S+525 bp	Feb 24, 2031
A•••••• B••••• I••• ••• F••••••• P•••••• S•••••••• Financial Services	term loan first lien	Not disclosed	-$9,000 113c	S+550 bp	May 8, 2028
N••••••••• L•• S•••••••	term loan first lien	Not disclosed	-$10,000 91c	S+650 bp	Dec 11, 2029
V••••••••• H•••••••• I•• A•••••••• & D••••••	term loan first lien	Not disclosed	-$10,000 100c	S+600 bp	Apr 19, 2030
C•••••• D••• M••••• S••• L•• ••• C•••••• C••••••••• S•••••••• R•••••	term loan first lien	Not disclosed	-$11,000 100c	S+500 bp	May 31, 2030
U• A••••••••• C•••• ••• U•••••• P••••• C••••••••• Services & S•••••••	term loan first lien	Not disclosed	-$12,000 75c	S+600 bp	Oct 31, 2029
H••••••• D••••• H•••••• L•• H••••• C••• P•••••••• & Services	term loan first lien	Not disclosed	-$13,000 100c	S+675 bp	Jun 13, 2028
N••• I••••••••• I••• ••• N••••••• C•••••• S••••••••• T•••••• Companies & D•••••••••	term loan first lien	Not disclosed	-$13,000 186c	S+525 bp	Dec 31, 2029
S••••••••• S•••••••• L•• S•••••••	term loan first lien	Not disclosed	-$14,000 40c	S+600 bp	May 10, 2029
A•• I••••••••• H••••• I••• ••• A•• P•••••••• D••••••••• C••••••• Services	term loan first lien	Not disclosed	-$14,000 100c	S+600 bp	Apr 26, 2029
V•••• W•••• H•••••••• I••• ••• V•••• L•••••• C••••••••• Services & S•••••••	term loan first lien	Not disclosed	-$15,000 214c	S+575 bp	May 1, 2029
U•• D•••••• L•• C••••••••• Services & S•••••••	term loan first lien	Not disclosed	-$16,000 200c	S+525 bp	Apr 30, 2031
S••••••• C•••••• H•••••• L•• ••• C•••••• E••••••••)	term loan first lien	Not disclosed	-$16,000 100c	S+500 bp	May 1, 2030
F•••••••• O••••••••• L•• Financial Services	term loan first lien	Not disclosed	-$17,000 142c	S+825 bp	Nov 27, 2029
S••••••• E••••••••• S•••••••• C••••••••• Services & S•••••••	term loan first lien	Not disclosed	-$17,000 85c	S+650 bp	Aug 1, 2029
F••••••••• P••••• C••••••••• ••• C•••• C•••• C••••••••	term loan first lien	Not disclosed	-$17,000 113c	S+575 bp	Nov 15, 2029
C••••••• B••••• I••• ••• N•• R••••• S•••••••	term loan first lien	Not disclosed	-$18,000 106c	S+675 bp	Nov 8, 2030
G•• P•••••• B••••• I••• ••• G••••••••• IT Services	term loan first lien	Not disclosed	-$20,000 87c	S+600 bp	Oct 2, 2029
N••• I••••••••• I••• ••• N••••••• C•••••• S••••••••• T•••••• Companies & D•••••••••	term loan first lien	Not disclosed	-$22,000 100c	S+525 bp	Dec 31, 2029
G•• P•••••• B••••• I••• ••• G••••••••• IT Services	term loan first lien	Not disclosed	-$24,000 171c	S+600 bp	Oct 2, 2029
C• •••••••• I••••••••• H•••••••• L•• ••• S•••••••• D••••••••• C••••••• Services	term loan first lien	Not disclosed	-$25,000 100c	S+500 bp	Jun 6, 2031
T• R••••••••• G•••• L•• H•••••, R••••••••• & L••••••	term loan first lien	Not disclosed	-$39,000 205c	S+725 bp	Jul 26, 2028
U••••• F••• T••••••••• I••••••••• H••••• I•• L•• T•••••• Companies & D•••••••••	term loan first lien	Not disclosed	-$56,000 100c	S+525 bp	Jun 23, 2031
F•••••••• O••••••••• L•• Financial Services	term loan first lien	Not disclosed	-$67,000 143c	S+825 bp	Nov 27, 2029
A•• I••••••••• H••••• I••• ••• A•• P•••••••• D••••••••• C••••••• Services	term loan first lien	Not disclosed	-$72,000 103c	S+600 bp	Apr 26, 2029
H••••••• D••••• H•••••• L•• H••••• C••• P•••••••• & Services	term loan first lien	Not disclosed	-$80,000 105c	S+675 bp	Jun 13, 2028
T• R••••••••• G•••• L•• H•••••, R••••••••• & L••••••	term loan first lien	Not disclosed	-$90,000 243c	S+725 bp	Jul 26, 2028
1•• L••••••••• S•••••• D••• • 1••••••	term loan first lien	Not disclosed	Not disclosed
I••••••••• E••••• S••••••••• • 0••••••••• S••••• • 0•••• C••	equity equity	Not disclosed	Not disclosed
3• M••••	unstated lien unstated	Not disclosed	Not disclosed	5.32%
1•• L••••••••• U••••••••• • 1•••••	term loan first lien	Not disclosed	Not disclosed
I••••••••• i• A••••••••• M•••• M••••• F••• • 1•••••	unstated lien unstated	Not disclosed	Not disclosed
1• M••••	unstated lien unstated	Not disclosed	Not disclosed	5.34%
U••••• S••••• • 1••••••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• E••••• S••••••••• • 0•••• U••••• S••••• • 0••••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• i• A••••••••• M•••• M••••• F••• • 1••••• G••••••	unstated lien unstated	Not disclosed	Not disclosed
D••• I••••••••• • 1••••••	unstated lien unstated	Not disclosed	Not disclosed

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2024 to 2026reported
Filings listed: 15reported10-Q and 10-K since 2022
Former names: P•••••• S••••• Middle Market Lending Fund LLCreported
Latest schedule: 0001193125-26-344614reported