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A• P•••••• L•••••• F•••

Business development companymanaged by A• P•••••• C••••• I•••••••• L••Non-traded· AUSTIN, TX

A non-traded business development company, managed by A• P•••••• C••••• I•••••••• L••, holding $376M across 169 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: $376M
Borrowers: 169
Mark on cost: 98.9¢
First lien: 99%

Schedule of investments (378)Quarter by quarter Sponsors

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

What matters now

9 below 80¢
$3.52M principal
9 positions across 7 borrowers marked below 80¢ on cost, $3.52M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
7 → 11
loans paying in kind
Loans paying in kind rose from 7 to 11 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 →
176 → 169
borrowers
Lost a net 7 borrowers in the quarter to Jun 30, 2026, to 169.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$269M → $376M
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 1982701 · file 814-01744Show

Fair value

$376M

as of Jun 30, 2026

Principal held

$381M

debt pieces, the filer's figure

Cost

$380M

99c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

378

169 borrowers

First lien

99%

99% debt by fair value

Quarters on the tape

since Jun 30, 2024

Facilities held

319

27 sponsors financed

Portfolio through time

Fair value by quarter end$376M as of Jun 30, 2026

Jun 30, 2024$870M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$376M	169	99c	11	486 bp
Mar 31, 2026	$370M	176	99c	7	472 bp
Dec 31, 2025	$339M	133	100c	6	497 bp
Sep 30, 2025	$307M	115	100c	6	508 bp

All 9 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$269M	94	100c	8	524 bp
Mar 31, 2025	$816M	98	100c	6	529 bp
Dec 31, 2024	$939M	94	100c	9	536 bp
Sep 30, 2024	$795M	78	100c	9	543 bp
Jun 30, 2024	$870M	79	100c	13	570 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

T•••••• I• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Aug 31, 2029
$7.2M 100c
P•••••• A•••• H•••••••• L• first lien term loan
8 BDCs hold it · matures Dec 31, 2032
$7.1M 100c
S•••••••• H••••• L•• first lien term loan
9 BDCs hold it · matures Aug 18, 2032
$7.1M 101c
D••••••• I•• first lien term loan
2 BDCs hold it · matures Mar 11, 2030
$7.0M 99c
P•••••• A••••••••• L•• first lien term loan
8 BDCs hold it · matures Sep 7, 2032
$6.3M 100c
Q•••• A•••••••• I•• first lien term loan
2 BDCs hold it · matures Nov 10, 2032
$6.2M 99c
F••••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 19, 2031
$6.1M 99c
E••••••• I•• first lien term loan
4 BDCs hold it · matures Jun 1, 2027
$5.8M 98c
L••••••••• B••••• I•• first lien term loan
8 BDCs hold it · matures Feb 29, 2032 · possible sponsor L••••••••• F••••••
$5.6M 100c
S•••••• P•••••• L•• first lien term loan
6 BDCs hold it · matures Oct 16, 2031
$5.5M 94c
G••••••••• S•••••••• I•• first lien term loan
4 BDCs hold it · matures Sep 1, 2028
$5.5M 99c
F••••• H•••••• C••• first lien term loan
5 BDCs hold it · matures Sep 15, 2029
$5.5M 93c

Schedule of investments at Jun 30, 2024

220 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
U••• C•••••••• D•••	unstated lien unstated	Not disclosed	$275M 100c
U••• 1•• L••••••••• S•••••• D•••	term loan first lien	Not disclosed	$274M 100c
T•••• C••• A•• C••• E•••••••••	unstated lien unstated	Not disclosed	$8.9M 100c
C••• E••••••••• • T•••• C••• E•••••••••	unstated lien unstated	Not disclosed	$7.0M 100c
T•••••• I• H•••••••• L••	delayed draw term loan first lien	$6.0M	$6.0M 100c	S+400 bp	Aug 31, 2028
U••• C•••••	term loan first lien	Not disclosed	$5.8M 100c
U••• C••••••• C•••••••• D•••	unstated lien unstated	Not disclosed	$5.8M 100c
D••••••• I••• S••••••• & T••• Services	term loan first lien	$5.5M	$5.5M 101c	S+550 bp	Mar 13, 2029
G••••••••• S•••••••• I••• S••••••• & T••• Services	term loan first lien	$5.5M	$5.5M 100c	S+625 bp	Sep 1, 2028
A•••• C••••••••• L••	term loan first lien	$5.5M	$5.5M 100c	S+575 bp	Nov 30, 2026
R••••• B•••• I•• S••••••• & T••• Services	term loan first lien	$5.5M	$5.5M 101c	S+525 bp	Nov 17, 2028
R•• T•• I••••••••• H••••••••• B••••••• Services	term loan first lien	$5.4M	$5.4M 100c	S+550 bp	Dec 1, 2027
S•••••• P•••••• L•• S••••••• & T••• Services	term loan first lien	$5.5M	$5.4M 100c	S+650 bp	May 13, 2030
F••••• H•••••• C••• S••••••• & T••• Services	term loan first lien	$5.5M	$5.4M 98c	S+625 bp	Sep 14, 2029
B••••••• V• A••••••••• I••• S••••••• & T••• Services	term loan first lien	$5.1M	$5.0M 100c	S+650 bp	Dec 4, 2025
Z••••••• I••• S••••••• & T••• Services	term loan first lien	$5.0M	$5.0M 100c	S+625 bp	Nov 22, 2028
V•••••••• L•• S••••••• & T••• Services	term loan first lien	$4.9M	$4.9M 100c	S+200 bp PIK 4.50%	Dec 28, 2027
S•• P••••••••• I••• S••••••• & T••• Services	term loan first lien	$4.8M	$4.8M 100c	S+550 bp	Oct 15, 2026
A•• N•••••• S•••••••• I••• S••••••• & T••• Services	term loan first lien	$4.9M	$4.8M 99c	S+525 bp	Feb 28, 2026
A••••• Q•• H••••••• L••	term loan first lien	$4.7M	$4.7M 100c	S+600 bp	Jul 21, 2027
V••••••• H••••• I•• I••• S••••••• & T••• Services	term loan first lien	$4.5M	$4.5M 100c	S+575 bp	Apr 22, 2027
P••• I••••••• C••••••••• S••••••• & T••• Services	term loan first lien	$4.5M	$4.5M 100c	S+700 bp	Oct 17, 2029
S••• a•• P••••••• L•••• H••••••• L••	term loan first lien	$4.4M	$4.4M 100c	S+600 bp	Sep 15, 2028
M•• H•••••••• I•••	term loan first lien	$4.4M	$4.4M 100c	S+575 bp	Apr 16, 2027
V•••• P••••••••• L•• S••••••• & T••• Services	term loan first lien	$4.3M	$4.3M 100c	S+525 bp	May 24, 2028
H••••••• I••• S••••••• & T••• Services	term loan first lien	$4.2M	$4.2M 100c	S+725 bp	May 3, 2029
F••••••••• R••• P•••••••• C•••• F•••••••••	term loan first lien	$4.1M	$4.1M 100c	S+525 bp	Oct 29, 2030
C••• E••••••••• • S•••• S••••• I••••••••• U• • M•••• M•••••	unstated lien unstated	Not disclosed	$4.0M 100c
T••••• B••••• I••	delayed draw term loan first lien	$4.0M	$4.0M 100c	S+600 bp	Jan 22, 2027
A••••••• I•• S••••••• & T••• Services	term loan first lien	$4.0M	$4.0M 100c	S+675 bp	Oct 19, 2028
A•••••• B••••• I•• S••••••• & T••• Services	term loan first lien	$4.0M	$4.0M 100c	S+550 bp	May 8, 2028
M•• I••••••••• L••	term loan first lien	$3.8M	$3.8M 100c	S+625 bp	Feb 15, 2029
E••••••• I••• S••••••• & T••• Services	term loan first lien	$3.6M	$3.6M 100c	S+550 bp	Jun 1, 2027
H••••••••• I•••••••• A•••••• I••• F•••••••••	term loan first lien	$3.4M	$3.4M 100c	S+550 bp	Nov 24, 2028
N• T••••• I••	term loan first lien	$3.3M	$3.3M 100c	S+550 bp	Dec 28, 2028
M•• G••••• H•••••••••	term loan first lien	$3.3M	$3.3M 100c	S+550 bp	Apr 9, 2029
P••••••• O••••••• M•••• 2•••• H•••••••••	term loan first lien	$3.2M	$3.2M 100c	S+525 bp	Jul 17, 2028
C•••••••• B••••• P•••••••• L•• S••••••• & T••• Services	term loan first lien	$3.2M	$3.2M 101c	S+550 bp	Feb 24, 2028
T••••• B•••• I•• S••••••• & T••• Services	term loan first lien	$3.1M	$3.1M 100c	S+425 bp	Aug 20, 2027
B••••••••• I••• S••••••• & T••• Services	term loan first lien	$3.1M	$3.1M 100c	S+550 bp	Dec 1, 2027
U• C•••••••• D••• • 1•• L••••••••• S•••••• D••• I••••• S•••• S••••••• & T••• Services	delayed draw term loan first lien	$3.1M	$3.1M 100c	S+525 bp	May 19, 2027
G••••••••• I••••••••• I••••••	delayed draw term loan first lien	$3.1M	$3.0M 100c	S+550 bp	Jun 1, 2028
C••• E••••••••• • U• B••• M••• G••• • M•••• M••••• P••••••••	unstated lien unstated	Not disclosed	$2.9M 100c
M••• B••••• I••• S••••••• & T••• Services	term loan first lien	$2.9M	$2.9M 101c	S+475 bp	Apr 21, 2027
A•• T••••• L•• H•••••••••	delayed draw term loan first lien	$2.9M	$2.9M 101c	S+550 bp	Dec 22, 2027
S•••• L••• I•• S••••••• & T••• Services	term loan first lien	$2.9M	$2.8M 99c	S+550 bp PIK 0.50%	Aug 16, 2027
P••• H••••• C••••••••• L•• H•••••••••	term loan first lien	$2.8M	$2.8M 100c	S+625 bp	Aug 3, 2026
E•• B••••• I••• S••••••• & T••• Services	term loan first lien	$2.8M	$2.8M 100c	S+500 bp	Nov 8, 2027
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• F•••••••••	delayed draw term loan first lien	$2.7M	$2.7M 100c	S+550 bp	Nov 1, 2028
B••••••• L•• S••••••• & T••• Services	term loan first lien	$2.7M	$2.7M 100c	S+725 bp	Sep 8, 2027
A•• T••••• L•• H•••••••••	term loan first lien	$2.6M	$2.6M 101c	S+550 bp	Dec 22, 2027
M••••••••• I•• S••••••• & T••• Services	term loan first lien	$2.6M	$2.5M 102c	11.72% PIK 6.25%	Jun 3, 2027
C•••••• L••	term loan first lien	$2.6M	$2.5M 100c	S+575 bp	Mar 31, 2028
G••••••••• I••••••••• I••••••	term loan first lien	$2.4M	$2.4M 100c	S+550 bp	Jun 1, 2028
I••••• S•••••••• L•• S••••••• & T••• Services	term loan first lien	$2.4M	$2.4M 100c	S+525 bp	May 19, 2027
W••••• E••••••••• G••••• L•• F•••••••••	delayed draw term loan first lien	$2.4M	$2.4M 100c	S+550 bp	Oct 4, 2027
N•• A••••••••• I••• S••••••• & T••• Services	term loan first lien	$2.4M	$2.4M 100c	S+525 bp	Sep 6, 2028
V••••• A•• I•• S••••••• & T••• Services	term loan first lien	$2.3M	$2.3M 100c	S+625 bp	Mar 1, 2028
C••••• S•••••••• A•• I••• H•••••••••	term loan first lien	$2.3M	$2.3M 100c	S+550 bp	May 11, 2028
R•••••• F••••• C••• N••••••• I••• H•••••••••	term loan first lien	$2.3M	$2.2M 100c	S+550 bp	Jun 18, 2026
S••••••• L•• S••••••• & T••• Services	term loan first lien	$2.3M	$2.2M 100c	S+500 bp	Jun 12, 2028
T••••••••• H••••••• I••	term loan first lien	$2.2M	$2.2M 101c	S+550 bp	Mar 26, 2026
C•••••••• B•••• C••• A••••••••• I••• H•••••••••	term loan first lien	$2.1M	$2.1M 100c	S+525 bp	Sep 16, 2027
D•••••• M••••• S•• L••	term loan first lien	$2.1M	$2.1M 100c	S+625 bp	May 1, 2029
R•••••• F••••• C••• N••••••• I••• H•••••••••	delayed draw term loan first lien	$2.0M	$2.0M 100c	S+550 bp	Jun 18, 2026
C••• • T•••• C•••	unstated lien unstated	Not disclosed	$1.9M 100c
U• D•••••	unstated lien unstated	Not disclosed	$1.9M 100c
T••••••••• H••••••• I••	term loan first lien	$1.8M	$1.8M 100c	S+575 bp	Mar 26, 2026
B••••••••• T••••••••• L••	delayed draw term loan first lien	$1.8M	$1.8M 99c	S+650 bp	Dec 31, 2027
S•••••••• C••• H••••••••• H•••••••••	term loan first lien	$1.8M	$1.8M 100c	S+550 bp	Jun 28, 2028
A••••••••• L••	term loan first lien	$1.8M	$1.8M 100c	S+650 bp PIK 0.50%	Nov 25, 2025
B••• H••• N•••••• L•• S••••••• & T••• Services	term loan first lien	$1.8M	$1.8M 100c	S+500 bp	Jun 30, 2028
N••••••••• L•• S••••••• & T••• Services	term loan first lien	$1.8M	$1.7M 100c	S+600 bp	Mar 17, 2027
V•••••••• B•••• L••	term loan first lien	$1.7M	$1.7M 100c	S+525 bp	Mar 21, 2031
B••••••••• B••••• I•• S••••••• & T••• Services	term loan first lien	$1.7M	$1.7M 100c	S+650 bp	Nov 16, 2027
S•••••••• H••••• L•• H•••••••••	term loan first lien	$1.6M	$1.6M 100c	S+575 bp	Aug 30, 2025
V••••••• P•••••••• C••••••••• S••••••• & T••• Services	term loan first lien	$1.6M	$1.6M 100c	S+700 bp	Dec 1, 2024
M•• G••••• H•••••••••	term loan first lien	$1.6M	$1.6M 100c	S+550 bp	Apr 9, 2029
H••••••••• I•••••••• A•••••• I••• F•••••••••	delayed draw term loan first lien	$1.5M	$1.5M 100c	S+550 bp	Nov 24, 2028
T••••••••• H••••••• I••	term loan first lien	$1.5M	$1.5M 100c	S+625 bp	Mar 26, 2026
T••••• B••••• I••	term loan first lien	$1.5M	$1.5M 100c	S+600 bp	Jan 22, 2027
T••••••• H•••••••• L•• S••••••• & T••• Services	term loan first lien	$1.4M	$1.4M 100c	S+575 bp	Dec 16, 2026
E•• B••••• I••• S••••••• & T••• Services	term loan first lien	$1.4M	$1.3M 100c	S+500 bp	Nov 8, 2027
A•••••• I••••••••• H•••••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	$1.3M	$1.3M 101c	S+650 bp	Mar 19, 2031
B• E•• B••••• I••• H•••••••••	delayed draw term loan first lien	$1.3M	$1.3M 101c	S+575 bp	Nov 23, 2027
B• E•• B••••• I••• H•••••••••	term loan first lien	$1.3M	$1.3M 101c	S+575 bp	Nov 23, 2027
N•• A••••••••• I••• S••••••• & T••• Services	term loan first lien	$1.3M	$1.3M 100c	S+525 bp	Sep 6, 2028
N•• A••••••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$1.3M	$1.3M 100c	S+525 bp	Sep 6, 2028
M•••••• A••••••••• C••• S••••••• & T••• Services	term loan first lien	$1.2M	$1.2M 101c	S+525 bp	Sep 7, 2029
R•••••• F••••• C••• N••••••• I••• H•••••••••	delayed draw term loan first lien	$1.2M	$1.2M 100c	S+550 bp	Jun 18, 2026
V•••• P••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$1.2M	$1.2M 100c	S+525 bp	May 24, 2028
B••••••••• T••••••••• L••	term loan first lien	$1.2M	$1.2M 99c	S+650 bp	Dec 31, 2027
V••••••• P•••••••• C••••••••• S••••••• & T••• Services	term loan first lien	$1.1M	$1.1M 100c	S+700 bp	Dec 1, 2024
S••• a•• P••••••• L•••• H••••••• L••	delayed draw term loan first lien	$1.1M	$1.1M 100c	S+600 bp	Sep 15, 2028
H•••• H• B••••• I•• H•••••••••	term loan first lien	$1.1M	$1.1M 100c	S+575 bp	Oct 15, 2027
C•••••••• B•••• C••• A••••••••• I••• H•••••••••	delayed draw term loan first lien	$1.0M	$1.0M 100c	S+550 bp	Sep 16, 2027
M•••••• M••••••••• R••••••• G••••• L••••• H•••••••••	term loan first lien	$1.0M	$1.0M 100c	S+600 bp	Sep 30, 2027
T•• C••••• f•• O••••••••• a•• R••••••• E••••••••• I••• H•••••••••	term loan first lien	$972,786	$970,354 100c	S+625 bp	Aug 15, 2025
B• E•• B••••• I••• H•••••••••	term loan first lien	$968,161	$963,320 101c	S+575 bp	Nov 23, 2027
S••••• S•••••••• I••• S••••••• & T••• Services	term loan second lien	$988,342	$936,454 104c	S+787 bp	Dec 22, 2028

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2026 to 2026reported
Filings listed: 9reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-352136reported