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K•• F• I••••• T•••• S•••••
A non-traded business development company, managed by F••••• A••••••• L••, holding $1.8B across 145 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.8B
- Borrowers
- 145
- Mark on cost
- 99.4¢
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 1 below 80¢$15.4M principal
1 position across 1 borrower marked below 80¢ on cost, $15.4M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $1.0B → $1.9Bfair value, 4 quarters
Its portfolio grew 82% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1975736 · file 814-01706ShowHide
Fair value
$1.8B
as of Jun 30, 2026
Principal held
$1.8B
debt pieces, the filer's figure
Cost
$1.8B
99c on cost, debt pieces
Unfunded
$279M
commitments not yet drawn
Positions
584
145 borrowers
First lien
not established
93% debt by fair value
Quarters on the tape
11
since Dec 31, 2023
Facilities held
151
28 sponsors financed
Portfolio through time
Fair value by quarter end$1.9B as of Jun 30, 2026
Dec 31, 2023$0 then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.9B | 145 | 99c | 5 | 483 bp |
| Mar 31, 2026 | $1.9B | 145 | 99c | 4 | 545 bp |
| Dec 31, 2025 | $1.9B | 144 | 101c | 0 | 486 bp |
| Sep 30, 2025 | $1.4B | 123 | 101c | 7 | 541 bp |
All 11 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.0B | 107 | 101c | 3 | 557 bp |
| Mar 31, 2025 | $801M | 84 | 101c | 14 | 562 bp |
| Dec 31, 2024 | $1.1B | 68 | 100c | 14 | 560 bp |
| Sep 30, 2024 | $336M | 53 | 100c | 2 | 564 bp |
| Jun 30, 2024 | $136M | 29 | 100c | 2 | 524 bp |
| Mar 31, 2024 | $51.7M | 15 | 100c | 0 | 551 bp |
| Dec 31, 2023 | $0 | 2 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Spread increasedMar 31, 2026
Largest facilities held, with co-lenders
- $73.5M 104c
- $72.4M 105c
- B••••••• L•• other4 BDCs hold it · matures Mar 5, 2032 · possible sponsor V•••• E••••• P••••••• M••••••••• L••$37.1M 98c
- W••••••• I•• other6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••$34.9M 98c
- K••••••• A••••• P••••••• L•• other3 BDCs hold it · matures Aug 1, 2032 · possible sponsor W•••••• P••••• L••$34.7M 100c
- S••••• S•••••••• I•• other4 BDCs hold it · matures Sep 24, 2032$33.7M 95c
- C•••••••• T••••••••• L•• other4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••$33.5M 100c
- S••••••• B•••••• L•• other4 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••$31.5M 100c
- F•••••• S••••••• L•• other7 BDCs hold it · matures Aug 16, 2032$30.8M 96c
- F•••••••• R••• S••••• L•• other6 BDCs hold it · matures Mar 4, 2032 · T•• S••••••• G••••• L•••$30.8M 98c
- N••••••• T••••••••• I•• other6 BDCs hold it · matures Aug 25, 2031$28.7M 99c
- I••••••••• P•••• S••••••• H•••••••• I•• other3 BDCs hold it · matures Nov 1, 2031 · possible sponsor S••••••••• C•••••• P•••••••$27.1M 98c
Schedule of investments at Dec 31, 2024
388 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| D••••••• Financial S••••••s | term loan unsecured or subordinated | Not disclosed | $2.9M | S+1500 bp | |
| D••••••• Financial S••••••s | term loan unsecured or subordinated | Not disclosed | $2.9M | S+1500 bp | |
| D••••••• Financial S••••••s | term loan unsecured or subordinated | $2.9M | $2.9M 100c | S+1500 bp | Sep 6, 2034 |
| D••••••• Financial S••••••s | term loan unsecured or subordinated | $2.9M | $2.9M 100c | S+1500 bp | Sep 6, 2034 |
| D••••••• Financial S••••••s | term loan unsecured or subordinated | Not disclosed | $2.9M | S+1500 bp | |
| S•••••• E•••••• I•• | unstated lien unstated | $2.9M | $2.9M 100c | S+475 bp | Aug 15, 2031 |
| S•••••• E•••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $2.9M | $2.9M 100c | S+475 bp | Aug 15, 2031 |
| M••••• A••••••• I•• | unstated lien unstated | $2.8M | $2.8M 100c | S+475 bp | Oct 4, 2030 |
| M••••• A••••••• I•• Financial S••••••s | unstated lien unstated | $2.8M | $2.8M 100c | S+475 bp | Oct 4, 2030 |
| G••••• L•••••• S••••••• L•• Financial S••••••s | notes lien unstated | $2.8M | $2.8M 100c | PIK 12.50% | Dec 31, 2032 |
| G••••• L•••••• S••••••• L•• | notes lien unstated | $2.8M | $2.8M 100c | PIK 12.50% | Dec 31, 2032 |
| V••••• P••••••••• P•••••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $2.8M | $2.8M 100c | S+575 bp | Aug 31, 2029 |
| V••••• P••••••••• P•••••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $2.8M | $2.8M 100c | S+575 bp | Aug 31, 2029 |
| C••••••••• C••••••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $2.7M | $2.6M 100c | S+500 bp | Aug 27, 2031 |
| C••••••••• C••••••••• I•• | unstated lien unstated | $2.7M | $2.6M 100c | S+500 bp | Aug 27, 2031 |
| L••••• C••• | term loan lien unstated | $2.6M | $2.6M 100c | S+1080 bp | Aug 30, 2029 |
| L••••• C••• | term loan lien unstated | $2.6M | $2.6M 100c | S+1080 bp | Aug 30, 2029 |
| M•• C•••••• M••••••••• L•• Financial S••••••s | unstated lien unstated | $2.4M | $2.4M 100c | S+475 bp | Aug 29, 2031 |
| M•• C•••••• M••••••••• L•• | unstated lien unstated | $2.4M | $2.4M 100c | S+475 bp | Aug 29, 2031 |
| A••• W••• P••••••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $2.4M | $2.4M 100c | S+475 bp | Dec 23, 2030 |
| A••• W••• P••••••••• I•• | unstated lien unstated | $2.4M | $2.4M 100c | S+475 bp | Dec 23, 2030 |
| M•••• N• I•• S••••••• & S••••••s | unstated lien unstated | $2.4M | $2.4M 100c | S+500 bp | Jun 27, 2031 |
| M•••• N• I•• | unstated lien unstated | $2.4M | $2.4M 100c | S+500 bp | Jun 27, 2031 |
| C•••••• E•••••••• L•• | unstated lien unstated | $2.3M | $2.3M 101c | S+500 bp | May 1, 2031 |
| C•••••• E•••••••• L•• C••••••• S••••••s | unstated lien unstated | $2.3M | $2.3M 101c | S+500 bp | May 1, 2031 |
| J• S• H••• L•• I•••••••• | unstated lien unstated | $2.2M | $2.2M 100c | S+550 bp | Jun 1, 2028 |
| J• S• H••• L•• | unstated lien unstated | $2.2M | $2.2M 100c | S+550 bp | Jun 1, 2028 |
| N••••••• T••••••••• I•• | unstated lien unstated | $2.2M | $2.2M 100c | S+475 bp | Aug 25, 2031 |
| N••••••• T••••••••• I•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $2.2M | $2.2M 100c | S+475 bp | Aug 25, 2031 |
| N••••••• T••••••••• I•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $2.1M | $2.1M 100c | S+250 bp PIK 2.70% | Aug 25, 2031 |
| N••••••• T••••••••• I•• | unstated lien unstated | $2.1M | $2.1M 100c | S+250 bp PIK 2.70% | Aug 25, 2031 |
| V•••••••• L•• S••••••• & S••••••s | unstated lien unstated | $1.7M | $2.1M 99c | S+500 bp | Nov 21, 2031 |
| V•••••••• L•• | unstated lien unstated | $1.7M | $2.1M 99c | S+500 bp | Nov 21, 2031 |
| W••••• E••••••••• G•••• L•• Financial S••••••s | unstated lien unstated | $2.1M | $2.1M 101c | S+500 bp | Oct 2, 2028 |
| W••••• E••••••••• G•••• L•• | unstated lien unstated | $2.1M | $2.1M 101c | S+500 bp | Oct 2, 2028 |
| R••••••••• C•••••• M••••••••• L• | unstated lien unstated | $2.0M | $2.0M 101c | S+475 bp | Apr 4, 2031 |
| R••••••••• C•••••• M••••••••• L• Financial S••••••s | unstated lien unstated | $2.0M | $2.0M 101c | S+475 bp | Apr 4, 2031 |
| D•••••••• L•• | unstated lien unstated | $2.0M | $2.0M 101c | S+525 bp | Aug 7, 2028 |
| D•••••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $2.0M | $2.0M 101c | S+525 bp | Aug 7, 2028 |
| R••• C••• M••••••• T•••• 2••••••••• A•• Real Estate Management & D••••••••• | unstated lien unstated | $2.0M | $2.0M 100c | S+1020 bp | Nov 25, 2029 |
| R••• C••• M••••••• T•••• 2••••••••• A•• Real Estate Management & D••••••••• | unstated lien unstated | $2.0M | $2.0M 100c | S+1020 bp | Nov 25, 2029 |
| C•••••• F••• P••••••••• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $1.9M | $1.9M 101c | S+500 bp | Jul 1, 2031 |
| C•••••• F••• P••••••••• | unstated lien unstated | $1.9M | $1.9M 101c | S+500 bp | Jul 1, 2031 |
| D••••• C•••••••• I•• M•••••••• | unstated lien unstated | $1.9M | $1.9M 101c | S+450 bp | Jun 13, 2031 |
| D••••• C•••••••• I•• | unstated lien unstated | $1.9M | $1.9M 101c | S+450 bp | Jun 13, 2031 |
| D••••• C•••••••• I•• | unstated lien unstated | $1.9M | $1.9M 100c | S+450 bp | Jun 13, 2031 |
| D••••• C•••••••• I•• M•••••••• | unstated lien unstated | $1.9M | $1.9M 100c | S+450 bp | Jun 13, 2031 |
| P••• 2•••••••• L••• A•• Real Estate Management & D••••••••• | term loan lien unstated | $2.3M | $1.9M 100c | S+400 bp | Aug 25, 2054 |
| P••• 2•••••••• L••• A•• Real Estate Management & D••••••••• | term loan lien unstated | $2.3M | $1.9M 100c | S+400 bp | Aug 25, 2054 |
| U••• H••••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $1.8M | $1.8M 100c | S+525 bp | Sep 10, 2031 |
| U••• H••••••• I•• | unstated lien unstated | $1.8M | $1.8M 100c | S+525 bp | Sep 10, 2031 |
| D•••••••• L•• | unstated lien unstated | $1.8M | $1.8M 100c | S+525 bp | May 5, 2028 |
| D•••••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $1.8M | $1.8M 100c | S+525 bp | May 5, 2028 |
| S•• G•••• I•• | unstated lien unstated | $1.7M | $1.7M 102c | S+500 bp | Mar 20, 2031 |
| S•• G•••• I•• Capital G•••• | unstated lien unstated | $1.7M | $1.7M 102c | S+500 bp | Mar 20, 2031 |
| D••••••• F•••••••• S•••••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $1.6M 103c | ||
| D••••••• F•••••••• S•••••••• A•• E••••• | unstated lien unstated | Not disclosed | $1.6M | ||
| D••••••• Financial S••••••s | equity equity | Not disclosed | $1.6M | ||
| D••••••• F•••••••• S•••••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $1.6M 103c | ||
| O••••••••• L•• | unstated lien unstated | $1.6M | $1.6M 100c | S+500 bp | Apr 22, 2031 |
| L•••••• H••••••••• L•• C••••••• S••••••s | unstated lien unstated | $1.6M | $1.6M 100c | S+500 bp | Aug 22, 2030 |
| O••••••••• L•• S••••••• & S••••••s | unstated lien unstated | $1.6M | $1.6M 100c | S+500 bp | Apr 22, 2031 |
| L•••••• H••••••••• L•• | unstated lien unstated | $1.6M | $1.6M 100c | S+500 bp | Aug 22, 2030 |
| W••••••• I•• Capital G•••• | unstated lien unstated | $1.6M | $1.6M 101c | S+500 bp | Apr 5, 2030 |
| W••••••• I•• | unstated lien unstated | $1.6M | $1.6M 101c | S+500 bp | Apr 5, 2030 |
| C••• 2•••••••• I••••• L••• A•• Real Estate Management & D••••••••• | unstated lien unstated | $1.5M | $1.5M 100c | S+1020 bp | Nov 28, 2031 |
| C••• 2•••••••• I••••• L••• A•• Real Estate Management & D••••••••• | unstated lien unstated | $1.5M | $1.5M 100c | S+1020 bp | Nov 28, 2031 |
| P••••••• R••••••••• 2•••••••• T••••• S••••••••• Real Estate Management & D••••••••• | subordinated debt unsecured or subordinated | $1.9M | $1.5M 99c | S+340 bp | Jul 17, 2041 |
| P••••••• R••••••••• 2•••••••• T••••• S••••••••• | subordinated debt unsecured or subordinated | $1.9M | $1.5M 99c | S+340 bp | Jul 17, 2041 |
| C•••••••• B••••• I•• S••••••• & S••••••s | unstated lien unstated | $1.5M | $1.5M 100c | S+500 bp | Jul 1, 2031 |
| C•••••••• B••••• I•• | unstated lien unstated | $1.5M | $1.5M 100c | S+500 bp | Jul 1, 2031 |
| P••• 2•••••••• L••• A•• Real Estate Management & D••••••••• | term loan lien unstated | $1.7M | $1.4M 102c | S+400 bp | Jul 25, 2054 |
| P••• 2•••••••• L••• A•• Real Estate Management & D••••••••• | term loan lien unstated | $1.7M | $1.4M 102c | S+400 bp | Jul 25, 2054 |
| R••••••••• C•••••• M••••••••• L• Financial S••••••s | unstated lien unstated | $1.4M | $1.4M 102c | S+475 bp | Apr 4, 2031 |
| R••••••••• C•••••• M••••••••• L• | unstated lien unstated | $1.4M | $1.4M 102c | S+475 bp | Apr 4, 2031 |
| S•••••• E•••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $1.4M | $1.4M 100c | S+475 bp | Aug 15, 2031 |
| S•••••• E•••••• I•• | unstated lien unstated | $1.4M | $1.4M 100c | S+475 bp | Aug 15, 2031 |
| E•••••••• T••••••••• C••• T••••••••• H••••••• & E•••••••• | unstated lien unstated | $1.3M | $1.3M 99c | S+525 bp | Aug 12, 2029 |
| E•••••••• T••••••••• C••• T••••••••• H••••••• & E•••••••• | unstated lien unstated | $1.3M | $1.3M 99c | S+525 bp | Aug 12, 2029 |
| H•••••• • B••• I•• Financial S••••••s | unstated lien unstated | $1.3M | $1.3M 99c | S+450 bp | Aug 18, 2031 |
| H•••••• • B••• I•• | unstated lien unstated | $1.3M | $1.3M 99c | S+450 bp | Aug 18, 2031 |
| M•••• N• I•• | unstated lien unstated | $1.3M | $1.3M 100c | S+500 bp | Jun 27, 2031 |
| M•••• N• I•• S••••••• & S••••••s | unstated lien unstated | $1.3M | $1.3M 100c | S+500 bp | Jun 27, 2031 |
| C•••• G••••• T••••••••• | unstated lien unstated | $965,000 | $1.2M 100c | S+575 bp | Dec 14, 2028 |
| C•••• G••••• | unstated lien unstated | $965,000 | $1.2M 100c | S+575 bp | Dec 14, 2028 |
| A••••••• A••••••••• C••• | unstated lien unstated | $1.2M | $1.2M 100c | S+500 bp | Oct 28, 2031 |
| A••••••• A••••••••• C••• Capital G•••• | unstated lien unstated | $1.2M | $1.2M 100c | S+500 bp | Oct 28, 2031 |
| F•••• T•••• 2•••••••• A•• Real Estate Management & D••••••••• | term loan lien unstated | $1.1M | $1.2M 100c | S+930 bp | Jul 25, 2054 |
| F•••• T•••• 2•••••••• A•• Real Estate Management & D••••••••• | term loan lien unstated | $1.1M | $1.2M 100c | S+930 bp | Jul 25, 2054 |
| M•• C•••••• M••••••••• L•• | unstated lien unstated | $1.2M | $1.2M 100c | S+475 bp | Aug 29, 2031 |
| M•• C•••••• M••••••••• L•• Financial S••••••s | unstated lien unstated | $1.2M | $1.2M 100c | S+475 bp | Aug 29, 2031 |
| H•••• 2•••••••• T••••• S••••••••• Real Estate Management & D••••••••• | subordinated debt unsecured or subordinated | $1.2M | $1.1M 98c | S+760 bp | Aug 25, 2059 |
| H•••• 2•••••••• T••••• S••••••••• | subordinated debt unsecured or subordinated | $1.2M | $1.1M 98c | S+760 bp | Aug 25, 2059 |
| J• S• H••• L•• | unstated lien unstated | $1.0M | $1.0M 100c | S+550 bp | Jun 1, 2028 |
| J• S• H••• L•• I•••••••• | unstated lien unstated | $1.0M | $1.0M 100c | S+550 bp | Jun 1, 2028 |
| A••••• L•• | unstated lien unstated | $1.0M | $1.0M 100c | S+450 bp | Jul 26, 2031 |
| A••••• L•• S••••••• & S••••••s | unstated lien unstated | $1.0M | $1.0M 100c | S+450 bp | Jul 26, 2031 |
| U••• H••••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $1.0M | $1.0M 100c | S+550 bp | Sep 10, 2031 |
| U••• H••••••• I•• | unstated lien unstated | $1.0M | $1.0M 100c | S+550 bp | Sep 10, 2031 |
| T•••••••• S••••••• I•• | unstated lien unstated | $981,000 | $975,000 99c | S+500 bp | Jun 17, 2031 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2026 to 2026reported
- Filings listed
- 10reported10-Q and 10-K since 2022
- Latest schedule
- 0001628280-26-056136reported
Not yet on record: first lien.