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A•••••• P•••••• C••••• F•••
A non-traded business development company, managed by A•••••• C•••••• C••••• A••••••• L••, holding $1.7B across 439 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
- $1.7B
- Borrowers
- 439
- Mark on cost
- 98.9¢
- First lien
- 97%
Schedule of investments, 10-Q and 10-K
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
- $205Kon non-accrual, 2 borrowers
2 borrowers on non-accrual, $205K principal; the largest is M•••••••• I•• ($105K).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen M•••••••• I•• → - 11 below 80¢$13M principal
11 positions across 11 borrowers marked below 80¢ on cost, $13M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 22 → 27loans paying in kind
Loans paying in kind rose from 22 to 27 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.
- $1.2B → $1.7Bfair value, 4 quarters
Its portfolio grew 40% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1976336 · file 814-01793ShowHide
Fair value
$1.7B
as of Jun 30, 2026
Principal held
$2.1B
debt pieces, the filer's figure
Cost
$1.8B
99c on cost, debt pieces
Unfunded
$346M
commitments not yet drawn
Positions
1,281
439 borrowers
First lien
97%
97% debt by fair value
Quarters on the tape
7
since Dec 31, 2024
Facilities held
849
74 sponsors financed
Portfolio through time
Fair value by quarter end$1.7B as of Jun 30, 2026
Dec 31, 2024$4.4B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.7B | 439 | 99c | 27 | 473 bp |
| Mar 31, 2026 | $1.7B | 445 | 99c | 22 | 471 bp |
| Dec 31, 2025 | $1.7B | 461 | 100c | 17 | 471 bp |
| Sep 30, 2025 | $1.4B | 446 | 100c | 16 | 473 bp |
All 7 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.2B | 410 | 100c | 13 | 483 bp |
| Mar 31, 2025 | $5.7B | 415 | 100c | 7 | 491 bp |
| Dec 31, 2024 | $4.4B | 368 | 100c | 12 | 501 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Full timeline · 20 eventsShow fewer
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- M••••••• B•••• I•• first lien term loan9 BDCs hold it · matures Dec 2, 2031$21.5M 99c
- U• F•••••• H•••••••• L•• first lien term loan2 BDCs hold it · matures Sep 4, 2031$20.9M 100c
- C•• P•••••• I•• first lien term loan2 BDCs hold it · matures Dec 7, 2028$17.3M 100c
- I••••••••• P•••• S••••••• H•••••••• I•• first lien term loan4 BDCs hold it · matures Nov 22, 2031 · possible sponsor S••••••••• C•••••• P•••••••$17.2M 99c
- E•••••• P••••••• I•••••••• L•• first lien term loan4 BDCs hold it · matures Mar 12, 2031$16.3M 99c
- C••••• P••••••• E••••• H•••••• L•• first lien term loan5 BDCs hold it · matures Jul 28, 2031$16.0M 99c
- T•••••• T••••••••• L•• first lien term loan3 BDCs hold it · matures Apr 4, 2030$13.8M 100c
- R•• F•• C• A••••••••• C••• first lien delayed draw term loan3 BDCs hold it · matures Mar 4, 2030$13.5M 101c
- A•••••••• H•••••••• L•• first lien delayed draw term loan12 BDCs hold it · matures Aug 31, 2029 · possible sponsor G•••••• C••••••$13.2M 100c
- A••••••••• G•••••• L•• first lien term loan3 BDCs hold it · matures Oct 25, 2032$13.2M 99c
- H• R•• B••••• I•• first lien delayed draw term loan3 BDCs hold it · matures Dec 11, 2029$13.1M 99c
- N• K••••• B••••• I•• first lien term loan3 BDCs hold it · matures Jan 31, 2033 · possible sponsor C••••••• C•••••• M••••••••• L••$12.7M 100c
Schedule of investments at Jun 30, 2025
1,098 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| O•••• I••• S••••••• | revolver first lien | $929,000 | $0 0c | SOFR+375 bp | Jan 27, 2032 |
| O•••• I••• S••••••• | delayed draw term loan first lien | $2.8M | $0 0c | SOFR+375 bp | Jan 27, 2032 |
| M•••••• B•••• I••• S••••••• | revolver first lien | $307,000 | $0 0c | SOFR+575 bp | Jul 21, 2028 |
| O••••••••• L•• IT S••••••s | revolver first lien | $482,000 | $0 | SOFR+400 bp | Apr 22, 2031 |
| C•• F•••••••• I••••••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| N•••• S••• A••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| O••••• H•••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| P•••••• H••••• H•••••• C•••• | revolver first lien | Not disclosed | $0 | ||
| C•• F•••••••• I••••••••• L•• Capital M•••••• | delayed draw term loan first lien | $1.7M | $0 0c | SOFR+475 bp | Jun 28, 2030 |
| A•••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| B••••• R••• P••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| E••••••• R••• L•• | revolver first lien | Not disclosed | $0 | ||
| E•••••••• S••••••• H•••••• C••••••••• | revolver first lien | Not disclosed | $0 | ||
| R••••• C••••••••• G••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| R••••• C••••••••• G••••• I••• | revolver first lien | Not disclosed | $0 | ||
| L•• V•••••• H••••••• I••• C••••••••• S••••••s and S••••••• | revolver first lien | $1.4M | $0 0c | SOFR+475 bp | Apr 28, 2032 |
| L•• V•••••• H••••••• I••• | revolver lien unstated | Not disclosed | $0 | ||
| W••••• E••••••••• G••••• L•• | revolver first lien | Not disclosed | $0 | ||
| Y• I••••••••• H••••••• I•• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| B••••• B••••• I••• | delayed draw term loan lien unstated | Not disclosed | $0 | ||
| N•••• S••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| O•••• I••• | revolver first lien | Not disclosed | $0 | ||
| P•••••• I••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| S••••••• A• B••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| T•• U•••••• G•••• M••••• L•• Capital M•••••• | delayed draw term loan first lien | $1.3M | $0 | SOFR+525 bp | Mar 7, 2031 |
| U••• H•••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| A•••••••• R••• M••••••••• I•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| W•• H•••••• C•••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| S•••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| S•••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| A••••••• B••••• I••• S••••••• | revolver first lien | $586,000 | $0 0c | SOFR+450 bp | Jul 26, 2030 |
| S•••••• L•••• A••••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| M••••••• I•••••• H••••••• I••• S••••••• | revolver first lien | $154,000 | $0 | SOFR+550 bp | Feb 28, 2030 |
| S••• A••••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| S•••••• L•••• A••••••••• I••• C••••••••• S••••••s and S••••••• | revolver first lien | $100,000 | $0 | SOFR+400 bp | Oct 30, 2025 |
| S•••• H•••••••• I••• H••••••••• P•••••••• and S••••••s | delayed draw term loan first lien | $704,000 | $0 0c | SOFR+475 bp | Feb 2, 2032 |
| S•••••••• I••• IT S••••••s | revolver first lien | $100,000 | $0 | SOFR+275 bp | Apr 16, 2029 |
| A• C••••• B••••• I••• P••••••••• S••••••s | revolver first lien | $100,000 | $0 | SOFR+525 bp | Aug 2, 2028 |
| M•• I••••••• A••••••••• I•• | revolver first lien | Not disclosed | $0 | ||
| M••••••• M•••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| T•• U•••••• G•••• M••••• L•• Capital M•••••• | revolver first lien | $868,000 | $0 | SOFR+525 bp | Mar 7, 2030 |
| C••••• P••••••••• I••••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| L•• V•••••• H••••••• I••• C••••••••• S••••••s and S••••••• | delayed draw term loan first lien | $3.2M | $0 0c | SOFR+475 bp | Apr 28, 2032 |
| C••• C•••• T••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| C•• P•• P••••• L•• | revolver first lien | Not disclosed | $0 | ||
| A•••• M••••• I••• | revolver first lien | Not disclosed | $0 | ||
| L•• V•••••• H••••••• I••• | delayed draw term loan lien unstated | Not disclosed | $0 | ||
| R••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| M•• I••••••• A••••••••• I•• B••••••• P••••••• | revolver first lien | $42,000 | $0 | SOFR+525 bp | Apr 26, 2030 |
| S•••• H•••••••• I••• H••••••••• P•••••••• and S••••••s | revolver first lien | $704,000 | $0 0c | SOFR+475 bp | Feb 2, 2032 |
| O•••••••• I•••••••• A••••• L•• I•••••••• | delayed draw term loan first lien | $2.6M | $0 0c | SOFR+475 bp | Nov 1, 2029 |
| A•• A••••••••• H••••••••• S••••••• | revolver first lien | $100,000 | $0 | SOFR+325 bp | Mar 3, 2028 |
| A••••••• B••••• I••• S••••••• | delayed draw term loan first lien | $821,000 | $0 0c | SOFR+450 bp | Jul 25, 2031 |
| E•••••• H•••••••• I••• S••••••• | delayed draw term loan first lien | $54,000 | $0 | SOFR+550 bp | Dec 24, 2029 |
| E•••• L•• | revolver first lien | Not disclosed | $0 | ||
| T•••••• T••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| H•••••••• H••••••• L•• Capital M•••••• | revolver first lien | $110,000 | $0 | SOFR+300 bp | Feb 1, 2030 |
| Y• I••••••••• H••••••• I•• L•• | revolver first lien | Not disclosed | $0 | ||
| P•• P•••••• I••• | revolver first lien | Not disclosed | $0 | ||
| L•• V•••••• H••••••• I••• | revolver lien unstated | Not disclosed | $0 | ||
| H•••••••• H••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| H•••••••• P•• B••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| G•• H••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| E•••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| A••••• P••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| E•• F•••••• O••• H•••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| G• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| I••••••• B••••• L•• | revolver first lien | Not disclosed | $0 | ||
| O••••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| R•••••• H••••••• L•• | revolver lien unstated | Not disclosed | $0 | ||
| T•••• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| U••• H•••••••• I••• P••••••••• S••••••s | revolver first lien | $900,000 | $0 0c | SOFR+550 bp | Dec 31, 2029 |
| C••••••••• M••••• I••• P•••••••• | revolver lien unstated | Not disclosed | $0 | ||
| A••••••••• G•••• I••• | revolver first lien | Not disclosed | $0 | ||
| E•• F•••••• O••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| P••••••• P• B••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| P•••••• A••••••••• P••••• L•• | revolver first lien | Not disclosed | $0 | ||
| S••••••• A• B••••• L•• | revolver first lien | Not disclosed | $0 | ||
| T•• U•••••• G•••• M••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| W••••• E••••••••• G••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| P•••••• 1• B•••• C••••••••• | revolver first lien | Not disclosed | $0 | ||
| V•••• W•••• H•••••••• I••• C••••••••• S••••••s and S••••••• | delayed draw term loan first lien | $7.2M | $0 0c | SOFR+575 bp | May 1, 2029 |
| E••••••••• A••• H•••••••• L•• | revolver first lien | Not disclosed | $0 | ||
| D••• H••••••• C•••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| C••••••••• A••••••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | $0 | ||
| C•••• S••••••• G••••• I••• S••••••• | revolver first lien | $100,000 | $0 | SOFR+325 bp | Sep 28, 2029 |
| C••••• P••••••••• I••••••••• I••• P••••••••• S••••••s | revolver first lien | $100,000 | $0 | SOFR+475 bp | Apr 9, 2029 |
| S••• A••••••••• I••• H••••••••• P•••••••• and S••••••s | revolver first lien | $196,000 | $0 0c | SOFR+625 bp | Oct 30, 2026 |
| I•• I••••••• H•••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| J•• P•••••• I••• | revolver first lien | Not disclosed | $0 | ||
| O•• M••• L•• | revolver first lien | Not disclosed | $0 | ||
| S•••• H•••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| M••••••• M•••• I••• | revolver lien unstated | Not disclosed | $0 | ||
| F• V••••• H••••••• I•• | revolver first lien | Not disclosed | $0 | ||
| M•••••• B•••• I••• | revolver first lien | Not disclosed | $0 | ||
| Q•••• Q•••• C•• W••• H•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | $0 | ||
| E•••••• H•••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| F••••••• F•••••••• G••••• L•• | delayed draw term loan first lien | Not disclosed | $0 | ||
| B•••••••• P••••••••• I••• | revolver first lien | Not disclosed | $0 | ||
| C••••••••• M••••• I••• P•••••••• | delayed draw term loan lien unstated | Not disclosed | $0 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2025 to 2026reported
- Filings listed
- 7reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-349158reported