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J•••••••• C••••• P••••••• B•• I•••

Business development companymanaged by J•••••••• C••••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by J•••••••• C••••• M••••••••• L••, holding $1.9B across 116 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: $1.9B
Borrowers: 116
Mark on cost: 99.9¢
First lien: 100%

Schedule of investments (484)Quarter by quarter Sponsors

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

What matters now

3 below 80¢
$205K principal
3 positions across 3 borrowers marked below 80¢ on cost, $205K principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
15 → 18
loans paying in kind
Loans paying in kind rose from 15 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 →
109 → 116
borrowers
Added a net 7 borrowers in the quarter to Jun 30, 2026, to 116.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$1.1B → $1.9B
fair value, 4 quarters
Its portfolio grew 75% 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 1959604 · file 814-01684Show

Fair value

$1.9B

as of Jun 30, 2026

Principal held

$1.9B

debt pieces, the filer's figure

Cost

$1.9B

100c on cost, debt pieces

Unfunded

$696M

commitments not yet drawn

Positions

484

116 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

275

21 sponsors financed

Portfolio through time

Fair value by quarter end$1.9B as of Jun 30, 2026

Dec 31, 2023$1.4B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.9B	116	100c	18	483 bp
Mar 31, 2026	$1.8B	109	100c	15	482 bp
Dec 31, 2025	$2.1B	102	100c	15	485 bp
Sep 30, 2025	$1.3B	93	100c	8	492 bp

All 11 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.1B	75	100c	5	496 bp
Mar 31, 2025	$3.5B	63	101c	4	499 bp
Dec 31, 2024	$3.3B	52	101c	12	507 bp
Sep 30, 2024	$2.5B	45	100c	4	524 bp
Jun 30, 2024	$1.1B	30	101c	5	554 bp
Mar 31, 2024	$804M	25	101c	0	551 bp
Dec 31, 2023	$1.4B	23	101c	0	571 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

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
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C••••••••• M••••• L•• first lien term loan
12 BDCs hold it · matures Feb 28, 2033 · possible sponsor T• A•••••••••
$39.9M 100c
M• B••••• I•• first lien term loan
11 BDCs hold it · matures Jul 1, 2031
$37.6M 100c
A•• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Apr 1, 2033
$36.8M 100c
D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$36.1M 100c
C•••••••• C•••••• H•••••• C••••••••• first lien term loan
4 BDCs hold it · matures Jun 16, 2033
$34.0M 100c
V••••••• R••••• B•••••• L•• first lien term loan
7 BDCs hold it · matures May 31, 2032
$32.5M 100c
3•••• H•••••• L•• first lien term loan
7 BDCs hold it · matures May 8, 2033
$32.4M 100c
F•••••• S••••••• L•• first lien term loan
24 BDCs hold it · matures Aug 31, 2032
$32.0M 100c
V•••••• P••••••••• L•• first lien term loan
18 BDCs hold it · matures Dec 23, 2032 · possible sponsor W•••••• P••••• L••
$29.7M 100c
A•••••• H•••••••• I•• first lien term loan
8 BDCs hold it · matures Sep 15, 2031
$29.3M 100c
D••••• M•••• 2• L•• first lien term loan
23 BDCs hold it · matures Aug 26, 2032
$28.9M 101c
P••• C••• first lien term loan
13 BDCs hold it · matures Dec 20, 2032
$27.9M 100c

Schedule of investments at Dec 31, 2023

161 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C••••••• A••••••••• H•••••••• I••• T•••••••••: C••••	delayed draw term loan first lien	$1.3M	$1.3M 106c	S+475 bp	Nov 12, 2027
C••••••• A••••••••• H•••••••• I••• Air F•••••• & L••••••••	delayed draw term loan first lien	$1.3M	$1.3M 106c	S+475 bp	Nov 12, 2027
S••••••• H••••••• C••••••••• B••••••, Finance, I••••••••, and Real Estate	term loan first lien	$1.3M	$1.3M 103c	S+550 bp	Dec 22, 2027
N••••••••• P•••••••• C•••••• I••••••••• F•••• L••• D••• I••• Financial S••••••s	term loan first lien	$1.3M	$1.3M 103c
S••••••• H••••••• C••••••••• Financial S••••••s	term loan first lien	$1.3M	$1.3M 103c	S+550 bp	Dec 22, 2027
S••••••• H••••••• C••••••••• Financial S••••••s	term loan first lien	$1.3M	$1.3M 103c	S+550 bp	Dec 22, 2027
C•••••••• C•••••• H•••••• C••••••••• P••••••••• S••••••s	delayed draw term loan first lien	$1.0M	$1.0M 103c	S+575 bp	Nov 16, 2027
C•••••••• C•••••• H•••••• C••••••••• P••••••••• S••••••s	delayed draw term loan first lien	$1.0M	$1.0M 103c	S+575 bp	Nov 16, 2027
C•••••••• C•••••• H•••••• C••••••••• S••••••s: B•••••••	delayed draw term loan first lien	$1.0M	$1.0M 103c	S+575 bp	Nov 16, 2027
Q•••••• L•• E••••••••• E••••••••, I••••••••• & C•••••••••	delayed draw term loan first lien	$363,000	$322,000 278c	S+700 bp	Nov 2, 2029
Q•••••• L•• A•••••••• & D••••••	delayed draw term loan first lien	$363,000	$322,000 278c	S+700 bp	Nov 2, 2029
Q•••••• L•• E••••••••• E••••••••, I••••••••• & C•••••••••	delayed draw term loan first lien	$363,000	$322,000 278c	S+700 bp	Nov 2, 2029
I• I••••••••• H•••••••• L•• P••••••••• S••••••s	term loan first lien	$170,000	$170,000 103c	S+600 bp	Sep 22, 2028
I• I••••••••• H•••••••• L•• S••••••s: B•••••••	term loan first lien	$170,000	$170,000 103c	S+600 bp	Sep 22, 2028
I• I••••••••• H•••••••• L•• P••••••••• S••••••s	term loan first lien	$170,000	$170,000 103c	S+600 bp	Sep 22, 2028
F••••••• F•••••••• G••••• L•• S••••••s: B•••••••	term loan first lien	$122,000	$122,000 103c	S+550 bp	Sep 30, 2027
F••••••• F•••••••• G••••• L•• P••••••••• S••••••s	term loan first lien	$122,000	$122,000 103c	S+550 bp	Sep 30, 2027
F••••••• F•••••••• G••••• L•• P••••••••• S••••••s	term loan first lien	$122,000	$122,000 103c	S+550 bp	Sep 30, 2027
F••••••• F•••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	$0	S+550 bp
B•••• P••••• H•••••••• I•••	revolver first lien	Not disclosed	-$3,000	S+500 bp
B•••• P••••• H•••••••• I••• H••• T••• I•••••••••	revolver first lien	Not disclosed	-$3,000 100c	S+500 bp	Nov 29, 2030
B•••• P••••• H•••••••• I••• S•••••••	revolver first lien	Not disclosed	-$3,000 100c	S+500 bp	Nov 29, 2030
E•••••• H•••••••• I•••	revolver first lien	Not disclosed	-$5,000	S+550 bp
E•••••• H•••••••• I••• S•••••••	revolver first lien	Not disclosed	-$5,000 100c	S+550 bp	Dec 24, 2029
E•••••• H•••••••• I••• H••• T••• I•••••••••	revolver first lien	Not disclosed	-$5,000 100c	S+550 bp	Dec 24, 2029
R•••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$6,000	S+575 bp
B•••••••• P••••••••• I•••	revolver first lien	Not disclosed	-$7,000	S+550 bp
P••••• C••• C••••••• L•• H••••••••• & P•••••••••	revolver first lien	Not disclosed	-$7,000 100c	S+600 bp	Nov 15, 2029
P••••• C••• C••••••• L••	revolver first lien	Not disclosed	-$7,000	S+600 bp
B•••••••• P••••••••• I••• W••••••••	revolver first lien	Not disclosed	-$7,000 100c	S+550 bp	Dec 19, 2029
P••••• C••• C••••••• L•• H••••• C••• & P•••••••• & S••••••s	revolver first lien	Not disclosed	-$7,000 100c	S+600 bp	Nov 15, 2029
P••••• C••• C••••••• L•• H••••• C••• & P•••••••• & S••••••s	revolver first lien	Not disclosed	-$7,000 100c	S+600 bp	Nov 15, 2029
B•••••••• P••••••••• I••• T•••••• Companies & D•••••••••	revolver first lien	Not disclosed	-$7,000 100c	S+550 bp	Dec 19, 2029
E•••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$13,000	S+550 bp
E•••••• H•••••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	-$13,000 217c	S+550 bp	Dec 24, 2029
E•••••• H•••••••• I••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	-$13,000 217c	S+550 bp	Dec 24, 2029
B•••• P••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$24,000	S+500 bp
B•••• P••••• H•••••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	-$24,000 133c	S+500 bp	Nov 29, 2030
B•••• P••••• H•••••••• I••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	-$24,000 133c	S+500 bp	Nov 29, 2030
Q•••••• L••	delayed draw term loan first lien	Not disclosed	-$40,000	S+700 bp
F••••••• F•••••••• G••••• L•• P••••••••• S••••••s	delayed draw term loan first lien	Not disclosed	-$43,000	S+550 bp	Sep 30, 2027
A•• M••••• A••••••••• C• L••	delayed draw term loan first lien	Not disclosed	-$48,000	S+700 bp
A•• M••••• A••••••••• C•• L••	delayed draw term loan first lien	Not disclosed	-$48,000	S+700 bp
P••••• C••• C••••••• L•• H••••• C••• & P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$58,000 200c	S+600 bp	Nov 15, 2030
P••••• C••• C••••••• L••	delayed draw term loan first lien	Not disclosed	-$58,000	S+600 bp
P••••• C••• C••••••• L•• H••••• C••• & P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$58,000 200c	S+600 bp	Nov 15, 2030
P••••• C••• C••••••• L•• H••••••••• & P•••••••••	delayed draw term loan first lien	Not disclosed	-$58,000 200c	S+600 bp	Nov 15, 2030
B•••••••• P••••••••• I••• T•••••• Companies & D•••••••••	delayed draw term loan first lien	Not disclosed	-$91,000 101c	S+550 bp	Dec 19, 2030
B•••••••• P••••••••• I••• W••••••••	delayed draw term loan first lien	Not disclosed	-$91,000 101c	S+550 bp	Dec 19, 2030
B•••••••• P••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$91,000	S+550 bp
D••••	delayed draw term loan first lien	Not disclosed	-$150,000	S+575 bp
D•••• E••••••••• E••••••••, I••••••••• & C•••••••••	delayed draw term loan first lien	Not disclosed	-$150,000 203c	S+575 bp	Jul 21, 2027
D•••• E••••••••• E••••••••, I••••••••• & C•••••••••	delayed draw term loan first lien	Not disclosed	-$150,000 203c	S+575 bp	Jul 21, 2027
D•••• Capital E••••••••	delayed draw term loan first lien	Not disclosed	-$150,000 203c	S+575 bp	Jul 21, 2027
N•••••• C••••••••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	-$398,000 101c	S+500 bp	Jun 11, 2029
N•••••• C•••••••••	delayed draw term loan first lien	Not disclosed	-$398,000	S+500 bp
N•••••• C••••••••• S•••••••	delayed draw term loan first lien	Not disclosed	-$398,000 101c	S+500 bp	Jun 11, 2029
C••••••••• U•••••••	unstated lien unstated	Not disclosed	-$850,000
F••••••• F•••••••• G••••• L•• S••••••s: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+550 bp	Sep 30, 2027
F••••••• F•••••••• G••••• L•• P••••••••• S••••••s	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+550 bp	Sep 30, 2027
F••••••• F•••••••• G••••• L•• S••••••s: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+550 bp	Sep 30, 2027

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2024 to 2026reported
Filings listed: 12reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-345216reported