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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.

Fair value
$1.9B
Schedule of investments, 10-Q and 10-K
Borrowers
116
Schedule of investments, 10-Q and 10-K
Mark on cost
99.9¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (484)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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
  2. 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 →
  3. 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 →
  4. $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
11
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.9B116100c18483 bp
Mar 31, 2026$1.8B109100c15482 bp
Dec 31, 2025$2.1B102100c15485 bp
Sep 30, 2025$1.3B93100c8492 bp
All 11 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.1B75100c5496 bp
Mar 31, 2025$3.5B63101c4499 bp
Dec 31, 2024$3.3B52101c12507 bp
Sep 30, 2024$2.5B45100c4524 bp
Jun 30, 2024$1.1B30101c5554 bp
Mar 31, 2024$804M25101c0551 bp
Dec 31, 2023$1.4B23101c0571 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
407 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••••••• B•••••• L••
D••••••••• C••••••• S••••••s
delayed draw term loan first lien$0-$80,000
211c
SOFR+500 bpJul 25, 2028
S••••••• B•••••• L••delayed draw term loan first lienNot disclosed-$80,000S+500 bp
P•• A••• B••••• I•••delayed draw term loan first lienNot disclosed-$114,000S+500 bp
P•• A••• B••••• I•••
A•••••••• & D••••••
delayed draw term loan first lien$0-$114,000
200c
SOFR+500 bpSep 30, 2031
P••••• C••• C••••••• L••
H••••• C••• P•••••••• & S••••••s
delayed draw term loan first lien$0-$182,000
827c
SOFR+600 bpNov 15, 2030
P••••• C••• C••••••• L••delayed draw term loan first lienNot disclosed-$182,000S+600 bp
C•••••••••
T•••• U•••••••
unstated lien unstatedNot disclosed-$1.5M
Page 5 of 5Previous
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