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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.

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

Fair value: $2.3B
Borrowers: 196
Mark on cost: 99.1¢
First lien: 34%

Schedule of investments (387)Quarter by quarter Sponsors

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

What matters now

$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•• →
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
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 →
$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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.3B	196	99c	54	560 bp
Mar 31, 2026	$2.2B	196	100c	40	551 bp
Dec 31, 2025	$2.2B	203	101c	49	541 bp
Sep 30, 2025	$2.0B	195	101c	44	531 bp

All 9 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.7B	176	101c	36	521 bp
Mar 31, 2025	$1.3B	136	100c	30	578 bp
Dec 31, 2024	$2.0B	101	100c	59	600 bp
Sep 30, 2024	$708M	81	101c	16	606 bp
Jun 30, 2024	$503M	61	100c	12	626 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 borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V•••••• S•••••• T••••••••• L•• other
2 BDCs hold it · matures Jun 13, 2031 · possible sponsor A•• A•••••• L•
$51.8M 102c
F••••••• E••••• H••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Oct 1, 2029 · possible sponsor H••• S••••• E•••••
$50.8M 99c
S•••••••• H•• B••••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Oct 28, 2029
$50.2M 100c
D•••••••• I•• first lien revolver
4 BDCs hold it · matures Jul 30, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••
$50.1M 98c
W•••••••• P•••• C•••••• I•••••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Dec 6, 2030
$50.0M 99c
P••••••• S••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Sep 13, 2027
$50.0M 100c
B•••••• S••• S•••••• D••••• P•••••• L•• first lien revolver
2 BDCs hold it · matures Aug 28, 2030 · possible sponsor S••••••• P•••••••
$49.8M 104c
A•••••• P••••••••• I•• first lien revolver
1 BDC hold it · matures Mar 14, 2030
$48.4M 97c
C• N••••• I•• first lien revolver
1 BDC hold it · matures Dec 10, 2029
$48.4M 101c
W• C•• H•••••••• L•• other
4 BDCs hold it · matures Nov 30, 2029
$41.5M 101c
S••• M•• C• L•••••• first lien delayed draw term loan
2 BDCs hold it · matures Feb 27, 2031
$37.8M 113c
A•••••• B•••• L•• first lien delayed draw term loan
1 BDC hold it · matures Mar 30, 2030
$36.0M 95c

Schedule of investments at Dec 31, 2024

411 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T•• O•• G••••• L••	revolver first lien	$6.8M	$6.6M 100c	S+650 bp	May 1, 2029
T•• O•• G••••• L••	revolver first lien	$6.8M	$6.6M 100c	S+650 bp	May 1, 2029
A••••••• A•••••• H•••••••• L••	revolver first lien	$6.6M	$6.5M 98c	S+975 bp PIK 5.25%	Jun 30, 2027
A••••••• A•••••• H•••••••• L••	revolver first lien	$6.6M	$6.5M 98c	S+975 bp PIK 5.25%	Jun 30, 2027
I•• C••••	unstated lien unstated	$6.7M	$6.5M 100c	S+650 bp PIK 1.00%	Oct 1, 2027
I•• C•••	unstated lien unstated	$6.7M	$6.5M 100c	S+650 bp PIK 1.00%	Oct 1, 2027
P••••••• S••••• L••	delayed draw term loan first lien	$6.0M	$6.0M 100c	S+685 bp	Sep 13, 2027
P••••••• S••••• L••	delayed draw term loan first lien	$6.0M	$6.0M 100c	S+685 bp	Sep 13, 2027
F•••••••• L••	unstated lien unstated	$5.8M	$5.8M 100c	S+725 bp	Nov 1, 2028
F•••••••• L••	unstated lien unstated	$5.8M	$5.8M 100c	S+725 bp	Nov 1, 2028
G•••• T••••••• L••	unstated lien unstated	$5.6M	$5.6M 100c	S+275 bp	Jun 2, 2031
G•••• T••••••• L••	unstated lien unstated	$5.6M	$5.6M 100c	S+275 bp	Jun 2, 2031
C•••••••• D••••• P••	unstated lien unstated	$5.2M	$5.4M 98c	S+675 bp PIK 2.50%	Jan 3, 2030
C•••••••• D••••• P••	unstated lien unstated	$5.2M	$5.4M 98c	S+675 bp PIK 2.50%	Jan 3, 2030
E••••••• U••••••• H•••••••• L••	unstated lien unstated	$5.4M	$5.3M 101c	S+675 bp	Jul 26, 2027
E••••••• U••••••• H•••••••• L••	unstated lien unstated	$5.4M	$5.3M 101c	S+675 bp	Jul 26, 2027
Y• I••••••••• H••••••• I•• L••	unstated lien unstated	$5.3M	$5.2M 100c	S+500 bp	Oct 1, 2031
Y• I••••••••• H••••••• I•• L••	unstated lien unstated	$5.3M	$5.2M 100c	S+500 bp	Oct 1, 2031
P••••••• S••••• L••	delayed draw term loan first lien	$5.3M	$5.2M 100c	S+685 bp	Sep 13, 2027
P••••••• S••••• L••	delayed draw term loan first lien	$5.3M	$5.2M 100c	S+685 bp	Sep 13, 2027
E••• F•••••• H••••••• I••	unstated lien unstated	$5.0M	$5.0M 101c	S+400 bp	Apr 23, 2031
E••• F•••••• H••••••• I••	unstated lien unstated	$5.0M	$5.0M 101c	S+400 bp	Apr 23, 2031
D•••• T••••• I•••	unstated lien unstated	$5.0M	$5.0M 100c	S+350 bp	Nov 30, 2029
D•••• T••••• I•••	unstated lien unstated	$5.0M	$5.0M 100c	S+350 bp	Nov 30, 2029
F••••••• E••••••••• L•••••	unstated lien unstated	$5.0M	$5.0M 100c	S+350 bp	Jan 27, 2029
F••••••• E••••••••• L•••••	unstated lien unstated	$5.0M	$5.0M 100c	S+350 bp	Jan 27, 2029
C••••••• I••	unstated lien unstated	$5.0M	$5.0M 100c	S+275 bp	May 1, 2031
C••••••• I••	unstated lien unstated	$5.0M	$5.0M 100c	S+275 bp	May 1, 2031
M••••••• I••••••••• I••	unstated lien unstated	$5.0M	$5.0M 101c	S+325 bp	Jun 17, 2031
M••••••• I••••••••• I••	unstated lien unstated	$5.0M	$5.0M 101c	S+325 bp	Jun 17, 2031
O••••••••• B••••••• L••	unstated lien unstated	$5.0M	$5.0M 100c	S+325 bp	Jul 2, 2031
O••••••••• B••••••• L••	unstated lien unstated	$5.0M	$5.0M 100c	S+325 bp	Jul 2, 2031
S••••• H••••• I••	unstated lien unstated	$5.0M	$4.9M 98c	S+400 bp	Sep 27, 2030
S••••• H••••• I••	unstated lien unstated	$5.0M	$4.9M 98c	S+400 bp	Sep 27, 2030
F••••••• E••••• H••••• L••	unstated lien unstated	$5.0M	$4.8M 100c	11.83% PIK 7.50%	Oct 1, 2029
F••••••• E••••• H••••• L••	unstated lien unstated	$5.0M	$4.8M 100c	11.83% PIK 7.50%	Oct 1, 2029
T•••••• I••	unstated lien unstated	$5.0M	$4.8M 98c	S+475 bp	Nov 17, 2028
T•••••• I••	unstated lien unstated	$5.0M	$4.8M 98c	S+475 bp	Nov 17, 2028
T•••• B•••• S••	unstated lien unstated	$4.6M	$4.7M 96c	S+500 bp	Oct 17, 2031
T•••• B•••• S••	unstated lien unstated	$4.6M	$4.7M 96c	S+500 bp	Oct 17, 2031
O•••••• L••••••	unstated lien unstated	$3.8M	$4.7M 98c	S+625 bp PIK 2.75%	Dec 5, 2031
O•••••• L••••••	unstated lien unstated	$3.8M	$4.7M 98c	S+625 bp PIK 2.75%	Dec 5, 2031
P•••••• I•••	unstated lien unstated	$4.8M	$4.4M 93c	S+375 bp	Feb 1, 2028
P•••••• I•••	unstated lien unstated	$4.8M	$4.4M 93c	S+375 bp	Feb 1, 2028
A•••••• C•••••••••	unstated lien unstated	$4.1M	$4.1M 100c	S+325 bp	Dec 23, 2026
A•••••• C•••••••••	unstated lien unstated	$4.1M	$4.1M 100c	S+325 bp	Dec 23, 2026
N•• E•• T••••••••• I••	unstated lien unstated	$4.3M	$4.0M 96c	S+625 bp	Oct 31, 2026
N•• E•• T••••••••• I••	unstated lien unstated	$4.3M	$4.0M 96c	S+625 bp	Oct 31, 2026
N••• M•••• U• D••• M•••••••• I••	unstated lien unstated	$4.0M	$4.0M 101c	S+300 bp	Nov 17, 2031
U•• I••	unstated lien unstated	$4.0M	$4.0M 100c	S+300 bp	Feb 10, 2031
U•• I••	unstated lien unstated	$4.0M	$4.0M 100c	S+300 bp	Feb 10, 2031
N••• M•••• U• D••• M•••••••• I••	unstated lien unstated	$4.0M	$4.0M 101c	S+300 bp	Nov 17, 2031
N•• E•• T••••••••• I••	unstated lien unstated	$4.2M	$3.9M 96c	S+625 bp	Oct 30, 2026
N•• E•• T••••••••• I••	unstated lien unstated	$4.2M	$3.9M 96c	S+625 bp	Oct 30, 2026
I••••••••• C••••••••• P•••••••• L••	unstated lien unstated	$3.9M	$3.9M 100c	PIK 15.25%	Sep 5, 2034
I••••••••• C••••••••• P•••••••• L••	unstated lien unstated	$3.9M	$3.9M 100c	PIK 15.25%	Sep 5, 2034
M•• S••••••• H•••••••• L••	revolver first lien	$3.9M	$3.9M 100c	S+675 bp PIK 0.75%	Feb 26, 2026
M•• S••••••• H•••••••• L••	revolver first lien	$3.9M	$3.9M 100c	S+675 bp PIK 0.75%	Feb 26, 2026
T••••• L•••••• G••••• L••	unstated lien unstated	$3.7M	$3.7M 99c	S+850 bp PIK 3.00%	Mar 27, 2028
T••••• L•••••• G••••• L••	unstated lien unstated	$3.7M	$3.7M 99c	S+850 bp PIK 3.00%	Mar 27, 2028
T••••••••• G••••• C•••••• P•• L••	unstated lien unstated	$3.5M	$3.5M 102c	S+650 bp	Jul 2, 2030
T••••••••• G••••• C•••••• P•• L••	unstated lien unstated	$3.5M	$3.5M 102c	S+650 bp	Jul 2, 2030
L••••••• T•••• L••	revolver first lien	$3.6M	$3.5M 101c	S+775 bp	Mar 31, 2028
L••••••• T•••• L••	revolver first lien	$3.6M	$3.5M 101c	S+775 bp	Mar 31, 2028
O•••••• L••••••	unstated lien unstated	$3.4M	$3.5M 98c	S+625 bp PIK 2.75%	Dec 5, 2031
O•••••• L••••••	unstated lien unstated	$3.4M	$3.5M 98c	S+625 bp PIK 2.75%	Dec 5, 2031
T•••••••• L••	unstated lien unstated	$3.5M	$3.4M 98c	S+775 bp	Aug 16, 2028
T•••••••• L••	unstated lien unstated	$3.5M	$3.4M 98c	S+775 bp	Aug 16, 2028
C• W•• B•••••••• I•••	delayed draw term loan first lien	$3.2M	$3.1M 106c	S+675 bp	Jan 27, 2028
C• W•• B•••••••• I•••	delayed draw term loan first lien	$3.2M	$3.1M 106c	S+675 bp	Jan 27, 2028
A•••••• U• H••••• 1• L••	delayed draw term loan first lien	$3.0M	$3.0M 96c	S+650 bp	Jul 31, 2029
A•••••• U• H••••• 1• L••	delayed draw term loan first lien	$3.0M	$3.0M 96c	S+650 bp	Jul 31, 2029
T•• L•••• I••••••••• L••	unstated lien unstated	$2.8M	$2.7M 100c	S+375 bp	Jul 18, 2031
S•••••• L•••• I••••••••• L••	unstated lien unstated	$2.8M	$2.7M 100c	S+375 bp	Jul 18, 2031
L••••••• T•••• L••	revolver first lien	$2.8M	$2.7M 101c	S+775 bp	Mar 31, 2028
L••••••• T•••• L••	revolver first lien	$2.8M	$2.7M 101c	S+775 bp	Mar 31, 2028
K••••••• L••	unstated lien unstated	$2.8M	$2.6M 93c	S+725 bp	May 31, 2028
K••••••• L••	unstated lien unstated	$2.8M	$2.6M 93c	S+725 bp	May 31, 2028
I•• 8• B•••••••• L••	unstated lien unstated	$4.3M	$2.6M 101c	S+600 bp	Dec 31, 2028
I•• 8• B•••••••• L••	unstated lien unstated	$4.3M	$2.6M 101c	S+600 bp	Dec 31, 2028
N•• E•• T••••••••• I••	unstated lien unstated	$2.5M	$2.4M 96c	S+625 bp	Oct 31, 2026
N•• E•• T••••••••• I••	unstated lien unstated	$2.5M	$2.4M 96c	S+625 bp	Oct 31, 2026
L•••• O•••••••• H•••••••• L••	unstated lien unstated	$2.4M	$2.4M 98c	S+1000 bp PIK 3.50%	Jan 31, 2025
L•••• O•••••••• H•••••••• L••	unstated lien unstated	$2.4M	$2.4M 98c	S+1000 bp PIK 3.50%	Jan 31, 2025
C••••••••• I••••••••• S••••••• S••••••••• L••	unstated lien unstated	$2.3M	$2.3M 103c	S+747 bp	Mar 12, 2026
C••••••••• I••••••••• S••••••• S••••••••• L••	unstated lien unstated	$2.3M	$2.3M 103c	S+747 bp	Mar 12, 2026
T••• M••••••••• H•••••••• L••	unstated lien unstated	$2.6M	$2.3M 91c	S+650 bp PIK 2.00%	Dec 1, 2027
T••• M••••••••• H•••••••• L••	unstated lien unstated	$2.6M	$2.3M 91c	S+650 bp PIK 2.00%	Dec 1, 2027
H• A••••••••• P•• L••	delayed draw term loan first lien	$3.8M	$2.2M 90c	S+650 bp	Aug 7, 2029
H• A••••••••• P•• L••	delayed draw term loan first lien	$3.8M	$2.2M 90c	S+650 bp	Aug 7, 2029
T••••••• I••••••• 2• P••	unstated lien unstated	$1.7M	$2.2M 107c	S+800 bp	Sep 22, 2028
T••••••• I••••••• 2• P••	unstated lien unstated	$1.7M	$2.2M 107c	S+800 bp	Sep 22, 2028
K••••••• B••••••• L••	unstated lien unstated	$2.2M	$2.2M 101c	S+775 bp	Jul 28, 2027
K••••••• B••••••• L••	unstated lien unstated	$2.2M	$2.2M 101c	S+775 bp	Jul 28, 2027
P•• H•••••• C•••	unstated lien unstated	$2.2M	$2.2M 102c	S+625 bp	Apr 22, 2027
P•• H•••••• C••••	unstated lien unstated	$2.2M	$2.2M 102c	S+625 bp	Apr 22, 2027
W•••• C•• B••••• L••	unstated lien unstated	$2.0M	$2.0M 101c	S+325 bp	Oct 19, 2029
W•••• C•• B••••• L••	unstated lien unstated	$2.0M	$2.0M 101c	S+325 bp	Oct 19, 2029
G••••••• U• H••••• L••	unstated lien unstated	$2.0M	$2.0M 101c	S+350 bp	Jan 31, 2030
G••••••• U• H••••• L••	unstated lien unstated	$2.0M	$2.0M 101c	S+350 bp	Jan 31, 2030

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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