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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.

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

Fair value: $1.7B
Borrowers: 439
Mark on cost: 98.7¢
First lien: 97%

Schedule of investments (1,281)Quarter by quarter Sponsors

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

What matters now

$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•• →
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 → 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 →
$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

Unfunded

$346M

commitments not yet drawn

Positions

1,281

439 borrowers

First lien

97%

97% debt by fair value

Quarters on the tape

since Dec 31, 2024

Facilities held

849

80 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 quarters

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
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••••••• B•••• I•• first lien term loan
18 BDCs hold it · matures Dec 2, 2031
$21.5M 99c
U• F•••••• H•••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 4, 2031
$20.9M 100c
C•• P•••••• I•• first lien term loan
2 BDCs hold it · matures Dec 7, 2028
$17.3M 100c
I••••••••• P•••• S••••••• H•••••••• I•• first lien term loan
6 BDCs hold it · matures Nov 22, 2031 · possible sponsor S••••••••• C•••••• P•••••••
$17.2M 99c
E•••••• P••••••• I•••••••• L•• first lien term loan
4 BDCs hold it · matures Mar 12, 2031
$16.3M 99c
C••••• P••••••• E••••• H•••••• L•• first lien term loan
5 BDCs hold it · matures Jul 28, 2031
$16.0M 99c
T•••••• T••••••••• L•• first lien term loan
6 BDCs hold it · matures Apr 4, 2030
$13.8M 100c
R•• F•• C• A••••••••• C••• first lien delayed draw term loan
4 BDCs hold it · matures Mar 4, 2030
$13.5M 101c
A•••••••• H•••••••• L•• first lien delayed draw term loan
19 BDCs hold it · matures Aug 31, 2029 · possible sponsor G•••••• C••••••
$13.2M 100c
A••••••••• G•••••• L•• first lien term loan
3 BDCs hold it · matures Oct 25, 2032
$13.2M 99c
H• R•• B••••• I•• first lien delayed draw term loan
3 BDCs hold it · matures Dec 11, 2029
$13.1M 99c
N• K••••• B••••• I•• first lien term loan
7 BDCs hold it · matures Jan 31, 2033 · possible sponsor C••••••• C•••••• M••••••••• L••
$12.7M 100c

Schedule of investments at Jun 30, 2026

1,281 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
V••• H•••••••• L•• P••••••••• S••••••s	revolver first lien	$100,000	$-18,000	SOFR+500 bp	Jan 21, 2027
C•••••• F•• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	$-18,000
S••• P••••••••• I•••	revolver first lien	Not disclosed	$-18,000
Z••• B•••• C•••••••••	revolver first lien	Not disclosed	$-18,000
V••• H•••••••• L••	revolver first lien	Not disclosed	$-18,000
W• H•••••• I•••	delayed draw term loan first lien	Not disclosed	$-19,000
B•••• H•••••••• I•••	revolver first lien	Not disclosed	$-19,000
W• H•••••• I••• H•••••••• P•••••••	delayed draw term loan first lien	$2.5M	$-19,000 950c	SOFR+475 bp	Apr 19, 2032
B•••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	$-19,000
B•••• H•••••••• I••• C••••••••	revolver first lien	$1.9M	$-19,000 238c	SOFR+450 bp	Jul 1, 2032
A•• A••••••••• H••••••• I••• S•••••••	revolver first lien	$100,000	$-19,000	SOFR+325 bp	Mar 3, 2028
A•• A••••••••• H••••••• I•••	revolver first lien	Not disclosed	$-19,000
B•••• H•••••••• I••• C••••••••	delayed draw term loan first lien	$1.9M	$-19,000 475c	SOFR+450 bp	Jul 1, 2032
D•• M•••• C••• IT S••••••s	delayed draw term loan first lien	Not disclosed	$-20,000 -182c	SOFR+525 bp	Dec 30, 2031
S•••• P••••• H••••••• C••••	delayed draw term loan first lien	Not disclosed	$-20,000
N••••• C•••••••••	revolver first lien	Not disclosed	$-20,000
E••••••• I•••	revolver first lien	Not disclosed	$-20,000
E••••••• I••• S•••••••	revolver first lien	$1.3M	$-20,000 667c	SOFR+425 bp	May 28, 2032
N••••• C••••••••• S•••••••	revolver first lien	$1.3M	$-20,000 286c	SOFR+500 bp	Sep 10, 2030
M••••••• L••	revolver first lien	Not disclosed	$-21,000
H• R•• B••••• I•••	delayed draw term loan first lien	Not disclosed	$-21,000
M•••••• S•••••••	revolver first lien	$1.0M	$-21,000 2100c	SOFR+450 bp	Jan 7, 2033
E•••• P•••••• I••• S•••••••	delayed draw term loan first lien	$1.4M	$-22,000 1100c	SOFR+425 bp	Sep 8, 2032
E•••• P•••••• I•••	delayed draw term loan first lien	Not disclosed	$-22,000
K••• A••••••••• I••• Financial S••••••s	delayed draw term loan first lien	$3.0M	$-22,000 275c	SOFR+475 bp	Jul 31, 2031
K••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	$-23,000
L••••••••• P••••• H•••••••• I••• P••••••••• S••••••s	delayed draw term loan first lien	$2.4M	$-24,000 400c	SOFR+500 bp	Dec 22, 2031
L••••••••• P••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	$-24,000
I••••••••• P•••• S••••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	$-25,000
I••••••••• P•••• S••••••• H•••••••• I••• E••••• E•••••••• and S••••••s	delayed draw term loan first lien	$2.0M	$-25,000 250c	SOFR+475 bp	Nov 22, 2031
K••• A••••••••• I••• L••• S••••••• T•••• & S••••••s	revolver first lien	$1.7M	$-26,000 867c	SOFR+500 bp	Dec 12, 2029
G•••••••• P•••••• L•• H••••• C••• T•••••••••	revolver first lien	$1.7M	$-26,000 650c	SOFR+475 bp	Mar 31, 2032
G•••••••• P•••••• L••	revolver first lien	Not disclosed	$-26,000
K••• A••••••••• I•••	revolver first lien	Not disclosed	$-26,000
R••••• C••••••••• G••••• I•••	revolver first lien	Not disclosed	$-27,000
E•••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	$-27,000
E•••••• B••••• I••• S•••••••	delayed draw term loan first lien	$1.3M	$-27,000 540c	SOFR+475 bp	Sep 8, 2031
N•••••• H•••••• C••••••	revolver first lien	Not disclosed	$-28,000
N•••••• H•••••• C•••••• C••••••••• and P••••••••	revolver first lien	$1.9M	$-28,000	SOFR+550 bp	Mar 26, 2031
O•••••••• I•••••••• A•••••• L•• I••••••••	delayed draw term loan first lien	$2.3M	$-29,000 580c	SOFR+475 bp	Nov 1, 2029
O•••••••• I•••••••• A•••••• L••	delayed draw term loan first lien	Not disclosed	$-29,000
N•••• G••••• H••••••• C••••••••• S•••••••	revolver first lien	$1.9M	$-29,000	SOFR+500 bp	Oct 14, 2031
V••••• M•••• H•••••••• L•• D•••••••••	delayed draw term loan first lien	$3.9M	$-29,000 725c	SOFR+450 bp	Jul 24, 2031
V••••• M•••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	$-29,000
N•••• G••••• H••••••• C•••••••••	revolver first lien	Not disclosed	$-29,000
V•••• B••••• I••	delayed draw term loan first lien	Not disclosed	$-33,000
F• V••••• H••••••• I••	delayed draw term loan first lien	Not disclosed	$-33,000
V•••• B••••• I•• S•••••••	delayed draw term loan first lien	$1.1M	$-33,000 1650c	SOFR+450 bp	Jan 30, 2032
H••••• T••• C••••••• L••	delayed draw term loan first lien	Not disclosed	$-34,000
H••••• T••• C••••••• L•• I••••••••• C•••••••••	delayed draw term loan first lien	$3.4M	$-34,000 567c	SOFR+450 bp	Aug 6, 2032
F••••• E••••••••• L•• S•••••••	delayed draw term loan first lien	$2.1M	$-36,000 450c	SOFR+450 bp	Mar 21, 2031
F••••• E••••••••• L••	delayed draw term loan first lien	Not disclosed	$-36,000
E•••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	$-36,000
E•••••• H•••••••• I••• S•••••••	delayed draw term loan first lien	$2.4M	$-36,000 1200c	SOFR+450 bp	Dec 20, 2032
N•••• G••••• H••••••• C•••••••••	delayed draw term loan first lien	Not disclosed	$-38,000
N•••• G••••• H••••••• C••••••••• S•••••••	delayed draw term loan first lien	$2.5M	$-38,000 1267c	SOFR+500 bp	Oct 14, 2032
D•• M•••• C•••	delayed draw term loan first lien	Not disclosed	$-38,000
P•••••••• C••••••••• M••••• I••• C••••••••• and P••••••••	revolver first lien	$1.2M	$-40,000 500c	SOFR+500 bp	Oct 15, 2032
C••••••••• M••••• I••• P••••••••	revolver lien unstated	Not disclosed	$-40,000
B•••••••• I••••••••• D••••••••• I•••	revolver first lien	Not disclosed	$-40,000
D• I••••••••• H•••••• I•••	delayed draw term loan first lien	Not disclosed	$-44,000
S•••••• B••••• L••	delayed draw term loan first lien	Not disclosed	$-44,000
H•••••••• P•• B••••• L••	delayed draw term loan first lien	Not disclosed	$-45,000
P••••••• P• B••••••• L••	revolver first lien	Not disclosed	$-46,000
A•• H••••••• I••• C••••	revolver first lien	Not disclosed	$-48,000
S•••• P•• B•••• L••	delayed draw term loan first lien	Not disclosed	$-48,000
A•• H••••••• I••• C•••• D••••••••• C••••••• S••••••s	revolver first lien	$514,000	$-48,000 960c	SOFR+550 bp	Feb 25, 2028
O••••••••• L••	delayed draw term loan first lien	Not disclosed	$-65,000
O••••••••• L•• S•••••••	delayed draw term loan first lien	$6.5M	$-65,000 1300c	SOFR+450 bp	Dec 23, 2032
H••• A••••••••• L••	delayed draw term loan lien unstated	Not disclosed	$-77,000
H••• A••••••••• L•• C••••••••	delayed draw term loan first lien	$3.9M	$-77,000	SOFR+450 bp	Jan 10, 2029
C••••• P••••••• E••••• H•••••• L•• Financial S••••••s	delayed draw term loan first lien	$9.4M	$-89,000 809c	SOFR+450 bp	Jul 28, 2031
C••••• P••••••• E••••• H•••••• L••	delayed draw term loan first lien	Not disclosed	$-89,000
C••••••••• M••••• I••• P••••••••	delayed draw term loan lien unstated	Not disclosed	$-107,000
K••••• I•••	revolver first lien	Not disclosed	$-156,000
K••••• I••• S•••••••	revolver first lien	$761,000	$-156,000 3900c	SOFR+325 bp	Mar 20, 2030
W••••••••• I••• IT S••••••s	term loan first lien	Not disclosed	Not disclosed	S+525 bp	May 31, 2027
M•••• T••••••••• L•• IT S••••••s	term loan first lien	Not disclosed	Not disclosed	S+500 bp	Nov 24, 2026
P•••••• E••••••••• I••• M••••••••	term loan first lien	Not disclosed	Not disclosed	S+525 bp	Mar 6, 2028
W••••• A••••••• L•• Financial S••••••s	revolver first lien	Not disclosed	Not disclosed	S+425 bp	Oct 1, 2032
M•••••••• I••• IT S••••••s	term loan first lien	Not disclosed	Not disclosed	S+600 bp	Oct 29, 2028

Page 13 of 13Previous

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