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A•••••• P•••••• C••••• F•••

Business development companymanaged by A•••••• C•••••• C••••• A••••••• L••Non-traded· CHICAGO, IL

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.

Fair value
$1.7B
Schedule of investments, 10-Q and 10-K
Borrowers
439
Schedule of investments, 10-Q and 10-K
Mark on cost
98.9¢
Schedule of investments, 10-Q and 10-K
First lien
97%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,281)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $205K
    on 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•• →
  2. 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
  3. 22 → 27
    loans 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.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  4. $1.2B → $1.7B
    fair 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.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1976336 · file 814-01793Show
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.7B43999c27473 bp
Mar 31, 2026$1.7B44599c22471 bp
Dec 31, 2025$1.7B461100c17471 bp
Sep 30, 2025$1.4B446100c16473 bp
All 7 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.2B410100c13483 bp
Mar 31, 2025$5.7B415100c7491 bp
Dec 31, 2024$4.4B368100c12501 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 Dec 31, 2025
1,324 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••••• R••••••••• S••••••• L••revolver first lienNot disclosed-$17,000
V••• H•••••••• L••
P••••••••• S••••••s
revolver first lien$100,000-$18,000SOFR+500 bpJan 21, 2027
V••• H•••••••• L••revolver first lienNot disclosed-$18,000
R•••••• L••••••••• L••delayed draw term loan first lienNot disclosed-$19,000
R•••• T•••• U• B••••• I•••delayed draw term loan first lienNot disclosed-$22,000
R•••• T•••• U• B••••• I•••
IT S••••••s
delayed draw term loan first lien$3.0M-$22,000
116c
SOFR+450 bpSep 30, 2031
C••••• P••••••• E••••• H•••••• L••delayed draw term loan first lienNot disclosed-$23,000
C••••• P••••••• E••••• H•••••• L••
Financial S••••••s
delayed draw term loan first lien$9.2M-$23,000
209c
SOFR+450 bpJul 28, 2031
S•••• P•• B•••• L••delayed draw term loan first lienNot disclosed-$24,000
F••••••• F•••••••• G••••• L••delayed draw term loan first lienNot disclosed-$25,000
A••• S•••••• P•••••••• L••
D••••••••• C••••••• S••••••s
delayed draw term loan first lien$3.5M-$26,000
289c
SOFR+475 bpOct 24, 2030
H• R•• B••••• I•••delayed draw term loan first lienNot disclosed-$26,000
A••• S•••••• P•••••••• L••delayed draw term loan lien unstatedNot disclosed-$26,000
A•••••••• S••••••••• L••
C••••••••• & E•••••••••
delayed draw term loan first lien$2.7M-$27,000
450c
SOFR+425 bpSep 30, 2032
B•••••••• I••••••••• D••••••••• I•••revolver first lienNot disclosed-$27,000
A•••••••• S••••••••• L••delayed draw term loan first lienNot disclosed-$27,000
R••••• C••••••••• G••••• I•••revolver first lienNot disclosed-$27,000
A•• H••••••• I••• C•••revolver first lienNot disclosed-$28,000
A•• H••••••• I••• C••••
D••••••••• C••••••• S••••••s
revolver first lien$514,000-$28,000
400c
SOFR+550 bpFeb 25, 2028
A•• H••••••• I••• C••••revolver first lienNot disclosed-$28,000
H••••• T••• C••••••• L••delayed draw term loan first lienNot disclosed-$43,000
H••••• T••• C••••••• L••
I••••••••• C•••••••••
delayed draw term loan first lien$3.4M-$43,000
860c
SOFR+475 bpOct 26, 2027
K••• A••••••••• I•••delayed draw term loan first lienNot disclosed-$46,000
R••••• C••••••••• G••••• I•••delayed draw term loan first lienNot disclosed-$51,000
Page 14 of 14Previous
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