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H•• C•••••••• C•••••• S•••••••• F•••

Business development companymanaged by H•• A•••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by H•• A•••••••• L••, holding $2.3B across 196 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$2.3B
Schedule of investments, 10-Q and 10-K
Borrowers
196
Schedule of investments, 10-Q and 10-K
Mark on cost
99.1¢
Schedule of investments, 10-Q and 10-K
First lien
34%
Schedule of investments, 10-Q and 10-K
Schedule of investments (387)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $7.69M
    on non-accrual, 1 borrower

    1 borrower on non-accrual, $7.69M principal; the largest is M•• S••••••• H•••••••• L•• ($7.69M).

    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•• S••••••• H•••••••• L•• →
  2. 11 below 80¢
    $28.9M principal

    11 positions across 5 borrowers marked below 80¢ on cost, $28.9M 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. 40 → 54
    loans paying in kind

    Loans paying in kind rose from 40 to 54 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. $1.7B → $2.3B
    fair value, 4 quarters

    Its portfolio grew 38% 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 1989817 · file 814-01715Show
Fair value
$2.3B
as of Jun 30, 2026
Principal held
$2.1B
debt pieces, the filer's figure
Cost
$2.2B
99c on cost, debt pieces
Unfunded
$166M
commitments not yet drawn
Positions
387
196 borrowers
First lien
34%
86% debt by fair value
Quarters on the tape
9
since Jun 30, 2024
Facilities held
219
30 sponsors financed
Portfolio through time
Fair value by quarter end$2.3B as of Jun 30, 2026
Jun 30, 2024$503M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.3B19699c54560 bp
Mar 31, 2026$2.2B196100c40551 bp
Dec 31, 2025$2.2B203101c49541 bp
Sep 30, 2025$2.0B195101c44531 bp
All 9 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.7B176101c36521 bp
Mar 31, 2025$1.3B136100c30578 bp
Dec 31, 2024$2.0B101100c59600 bp
Sep 30, 2024$708M81101c16606 bp
Jun 30, 2024$503M61100c12626 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, 2024
137 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
P•• H••••••• L••revolver first lien$628,000$523,000
100c
S+525 bpJun 11, 2027
P•••••• A••••••••• T•••• S•• R••unstated lien unstated$521,000$521,000
100c
S+525 bpJan 29, 2028
P•••••• A••••••••• T•••• S•• R••unstated lien unstated$336,000$336,000
100c
S+525 bpJan 28, 2028
F•••••••• L••unstated lien unstated$234,000$232,000
100c
S+725 bpNov 1, 2028
A•• A••••••••• L••unstated lien unstated$154,000$155,000
101c
S+800 bpApr 11, 2028
M•• S••••••• H•••••••• L••revolver first lien$110,000$109,000
100c
S+675 bp
PIK 0.75%
Feb 26, 2026
H• A••••••••• P•• L••unstated lien unstated$421,000$51,000
104c
S+650 bpAug 7, 2029
P•••••• A••••••••• T•••• S•• R•••unstated lien unstated$61,000$25,000
109c
S+525 bpJan 28, 2028
T•• O•• G•••• H••••••••• I•••warrants equityNot disclosed$0
P•••••• A••••••••• T•••• S•• R•••unstated lien unstated$78,000$0
0c
Jan 28, 2028
T•• O•• G•••• H••••••••• I•••warrants equityNot disclosed$0
M••• M•••• B•••••••revolver first lien$1.8M$0
0c
Dec 31, 2025
A••••••• A•••••• H•••••••• L••revolver first lien$160,000-$3,000Jun 30, 2027
R••••• C••••••••• O•••••••• C••••••• I••revolver first lien$849,000-$8,000
50c
Jun 21, 2029
T•• O•• G••••• L••revolver first lien$887,000-$16,000
67c
Oct 31, 2028
N•• D••••• P••••••••• I••unstated lien unstated$1.8M-$36,000
103c
Sep 10, 2030
A•••• B••••• L••unstated lien unstated$1.9M-$46,000
98c
Jan 14, 2030
A•••••• U• H••••• 1• L••unstated lien unstated$1.2M-$51,000
98c
Jul 31, 2029
P••••••• S••••• L••unstated lien unstated$5.3M-$65,000
100c
Sep 13, 2027
N•• D••••• P••••••••• I••unstated lien unstated$3.4M-$68,000
100c
Sep 10, 2030
P••••••••• I••••••••• L••revolver first lienNot disclosedNot disclosed
N•• D••••• P••••••••• I••delayed draw term loan first lienNot disclosedNot disclosed
P••••••• S••••• L••delayed draw term loan first lienNot disclosedNot disclosed
A•••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosed
M••• M•••• B•••••••• L••revolver first lienNot disclosedNot disclosed
B•• M••••• U• T••••••• F•••unstated lien unstatedNot disclosedNot disclosed
H• A••••••••• P•• L••delayed draw term loan first lienNot disclosedNot disclosed
P•• H••••••• L••revolver first lienNot disclosedNot disclosed
D•••••• G••••••••• C••• M•••••••••unstated lien unstatedNot disclosedNot disclosed
A••••••• A•••••• H•••••••• L••revolver first lienNot disclosedNot disclosed
T•• O•• G••••• L••revolver first lienNot disclosedNot disclosed
A•••• B••••• L••revolver first lienNot disclosedNot disclosed
N•• D••••• P••••••••• I••revolver first lienNot disclosedNot disclosed
P•••••• A••••••••• T•••• S•• R•••delayed draw term loan first lienNot disclosedNot disclosed
A•••••• U• H••••• 1• L••delayed draw term loan first lienNot disclosedNot disclosed
R••••• C••••••••• O•••••••• C••••••• I••revolver first lienNot disclosedNot disclosed
P•••••• A••••••••• T•••• S•• R•••revolver first lienNot disclosedNot disclosed
Page 2 of 2Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2025 to 2026reported
Filings listed
10reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-056793reported