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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.

Fair value
$376M
Schedule of investments, 10-Q and 10-K
Borrowers
169
Schedule of investments, 10-Q and 10-K
Mark on cost
98.9¢
Schedule of investments, 10-Q and 10-K
First lien
99%
Schedule of investments, 10-Q and 10-K
Schedule of investments (378)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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
  2. 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 →
  3. 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 →
  4. $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
9
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$376M16999c11486 bp
Mar 31, 2026$370M17699c7472 bp
Dec 31, 2025$339M133100c6497 bp
Sep 30, 2025$307M115100c6508 bp
All 9 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$269M94100c8524 bp
Mar 31, 2025$816M98100c6529 bp
Dec 31, 2024$939M94100c9536 bp
Sep 30, 2024$795M78100c9543 bp
Jun 30, 2024$870M79100c13570 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 Sep 30, 2025
301 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
F••••• H••••••• C••••
S•••••••
revolver first lien$0-$18,186SOFR+600 bpSep 15, 2027
Page 4 of 4Previous
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