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C••••••• P•••••• C••••• I••••• C•••

Business development companymanaged by C••••••• C•• N• A•••••••• L••Non-traded· LOS ANGELES, CA

A non-traded business development company, managed by C••••••• C•• N• A•••••••• L••, holding $945M across 184 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: $945M
Borrowers: 184
Mark on cost: 99.8¢
First lien: 91%

Schedule of investments (518)Quarter by quarter Sponsors

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

What matters now

4 below 80¢
$9.83M principal
4 positions across 3 borrowers marked below 80¢ on cost, $9.83M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
5 → 10
loans paying in kind
Loans paying in kind rose from 5 to 10 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 →
199 → 184
borrowers
Lost a net 15 borrowers in the quarter to Jun 30, 2026, to 184.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$486M → $945M
fair value, 4 quarters
Its portfolio grew 94% 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 1954360 · file 814-01599Show

Fair value

$945M

as of Jun 30, 2026

Principal held

$925M

debt pieces, the filer's figure

Cost

$944M

100c on cost, debt pieces

Unfunded

$88.0M

commitments not yet drawn

Positions

518

184 borrowers

First lien

91%

96% debt by fair value

Quarters on the tape

since Sep 30, 2023

Facilities held

334

41 sponsors financed

Portfolio through time

Fair value by quarter end$945M as of Jun 30, 2026

Sep 30, 2023$351M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$945M	184	100c	10	455 bp
Mar 31, 2026	$877M	199	100c	5	443 bp
Dec 31, 2025	$926M	259	101c	9	426 bp
Sep 30, 2025	$614M	201	101c	7	447 bp

All 12 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$486M	171	101c	8	439 bp
Mar 31, 2025	$1.6B	122	100c	7	463 bp
Dec 31, 2024	$1.6B	136	101c	10	446 bp
Sep 30, 2024	$1.3B	124	101c	7	438 bp
Jun 30, 2024	$1.2B	117	101c	4	449 bp
Mar 31, 2024	$997M	95	100c	1	449 bp
Dec 31, 2023	$681M	69	101c	0	446 bp
Sep 30, 2023	$351M	54	101c	0	401 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 lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
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

Every position change, including routine ones

Largest facilities held, with co-lenders

I•• H••••• M••••• S••• I•• first lien term loan
3 BDCs hold it · matures Jun 30, 2030 · possible sponsor L••••• C•••••• P•••••••
$35.0M 102c
A•••• B•••• I••••••••• L•• first lien term loan
6 BDCs hold it · matures Jan 31, 2033 · possible sponsor I••••••• C•••••• L••••••
$35.0M 99c
B••••••••• A•••••••• I•• first lien term loan
1 BDC hold it · matures May 31, 2033
$33.9M 100c
K•••• I•• first lien term loan
5 BDCs hold it · matures Nov 30, 2032
$32.9M 100c
B•••••• H•••••• L•••• first lien term loan
7 BDCs hold it · matures Aug 31, 2032
$32.1M 99c
C••••••••• M••••• L•• first lien term loan
12 BDCs hold it · matures Feb 28, 2033 · possible sponsor T• A•••••••••
$30.9M 100c
S•••••••• I•• first lien term loan
3 BDCs hold it · matures Apr 30, 2033
$30.6M 100c
C•• B••••• I•• first lien term loan
15 BDCs hold it · matures May 31, 2032
$28.1M 101c
D••••••• A••••••••• H•••••••• L•• first lien term loan
6 BDCs hold it · matures Nov 30, 2032 · possible sponsor T•••••• I•••••••• F••• A•••••••• L••
$26.6M 102c
L•••••••• W••••••• L•• first lien term loan
3 BDCs hold it · matures May 31, 2032
$21.7M 100c
A•••• M••••••••• A••••••••• L•• first lien term loan
22 BDCs hold it · matures Oct 15, 2032 · possible sponsor J•• M••••••••• L•••
$19.1M 103c
O••••••• G•••• H•••••••• I•• second lien term loan
3 BDCs hold it · matures Mar 31, 2034 · possible sponsor H••••• C••••••• L••
$17.8M 100c

Schedule of investments at Dec 31, 2025

570 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
V•• B••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
R•• W••••• P•••••••• L••• D••••••••• F•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Nov 30, 2030
U•• A•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
T••••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed
M•••••• I•	revolver first lien	Not disclosed	Not disclosed
M•• D•••••	delayed draw term loan first lien	Not disclosed	Not disclosed
I••• B••••• L••	revolver first lien	Not disclosed	Not disclosed
H••••	revolver first lien	Not disclosed	Not disclosed
G•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
C•• H•••••	delayed draw term loan first lien	Not disclosed	Not disclosed
C• A•••••••• S••••••• and S••••••s	delayed draw term loan first lien	Not disclosed	Not disclosed n/a		May 31, 2030
A••••• o• C•••	delayed draw term loan first lien	Not disclosed	Not disclosed
A••••• B•••• P•• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
D••••••••• H•••••••• I••	revolver lien unstated	Not disclosed	Not disclosed
O••••• L••••• G••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
R•• W••••• P•••••••• L•••	delayed draw term loan first lien	Not disclosed	Not disclosed
I••••••••• ••••• I••••••••• S••••••••• D••• I••••••••• P••••••••• B••••••••• a•• L••• S••••••• S•••••• A• L•	revolver first lien	Not disclosed	Not disclosed		Feb 29, 2032
C•• B••••• I••	revolver first lien	Not disclosed	Not disclosed
C•••••• U• M•••• I•• L•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
G• E•••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed
H••••	delayed draw term loan first lien	Not disclosed	Not disclosed
K•••• I•••	revolver lien unstated	Not disclosed	Not disclosed
K••• R••• P••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
K•••• I•••	revolver lien unstated	Not disclosed	Not disclosed
M•••••• R••••• I•••••••• o• A••••••	revolver first lien	Not disclosed	Not disclosed
P• B•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
P• B•••• L••	revolver lien unstated	Not disclosed	Not disclosed
T••••••• H••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
R• E••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
F•••••••• S•••••• V•• B•••• I••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+350 bp	Oct 31, 2032
E•••••••• S••••••• H•••••• C••••••••• C••••••• S••••••s	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Jun 30, 2031
C•••••••• L••• S••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Oct 31, 2032
S••••••• R••• A••••••• I•••• L••	revolver lien unstated	Not disclosed	Not disclosed
P•••••• S••••	delayed draw term loan first lien	Not disclosed	Not disclosed
A••••• o• C••• H••••• C••• E•••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	S+550 bp	Feb 28, 2030
V•• B•••• I••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
K••• R••• P••••••• L••	revolver first lien	Not disclosed	Not disclosed
D••••••• A••••••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
H••• B•••• I••	revolver first lien	Not disclosed	Not disclosed
O••••• L••••• G••••• L••	revolver first lien	Not disclosed	Not disclosed
C••••• C•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
C•• A••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
O••••• L••••• G••••• L•• M••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	Dec 31, 2029
L•• A••• I•• H••••• C••• E•••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Apr 30, 2031
L•• A••• I•• H••••• C••• E•••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Apr 30, 2031
B•••••• H•••••• H••••• C••• E•••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+500 bp	Aug 31, 2032
C••••• C•••••••• L•• C••••••••• and P••••••••• S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Feb 28, 2031
H•••••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
L•••••••• W••••••• L••	revolver first lien	Not disclosed	Not disclosed
M•• D•••••	revolver first lien	Not disclosed	Not disclosed
N••••••• M••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
N•••••	delayed draw term loan first lien	Not disclosed	Not disclosed
S••••••• R••• A••••••• I•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
C•• H•••••	revolver first lien	Not disclosed	Not disclosed
C•• T• H•••••••• C••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H•••••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed
I•• H••••• H•••••••• I••	revolver first lien	Not disclosed	Not disclosed
P•••••• S••••	delayed draw term loan first lien	Not disclosed	Not disclosed
I•• H••••• M••••• S••• I••• H••••• C••• E•••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Jun 30, 2030
K••• R••• P••••••• L•• I••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+450 bp	Apr 30, 2031
O••••• L••••• G••••• L•• M••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Dec 31, 2029
E•••••••• I• B••••••• 2•••• L•• S••••••• and S••••••s	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Sep 30, 2029
C•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
E•••••••• I• B••••••• 2•••• L••	revolver first lien	Not disclosed	Not disclosed
L••• S••• B••••• L••	revolver first lien	Not disclosed	Not disclosed
M•••••• I•	delayed draw term loan first lien	Not disclosed	Not disclosed
O••••	delayed draw term loan first lien	Not disclosed	Not disclosed
R• E••••••••• L••	revolver first lien	Not disclosed	Not disclosed
D••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
O••••• L••••• G••••• L•• M••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Dec 31, 2029

Page 6 of 6Previous

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2023 to 2026reported
Filings listed: 12reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-352548reported