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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 Dec 31, 2025
500 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
I•• C••••unstated lien unstated$6.7M$6.3M
96c
S+676 bp
PIK 1.04%
Oct 1, 2027
C•••••••• D••••• P••unstated lien unstated$5.3M$6.3M
110c
S+575 bp
PIK 2.50%
Jan 3, 2030
P•••••• R••• U••••••• P••••• C•••unstated lien unstated$6.2M$6.3M
100c
S+275 bpMar 10, 2028
A••••••• L••unstated lien unstated$6.0M$6.0M
100c
S+325 bpJun 20, 2032
P••••••• S••••• L••delayed draw term loan first lien$6.0M$6.0M
100c
S+625 bpSep 13, 2027
K••••• I••unstated lien unstated$5.7M$5.8M
101c
S+300 bpMar 20, 2032
F••••••• L••unstated lien unstated$5.8M$5.7M
100c
S+725 bpNov 1, 2028
G•••• T••••••• A••••••• H••••••• L••unstated lien unstated$5.6M$5.6M
100c
S+275 bpJun 2, 2031
T•••••• M••••• M•••• S•••delayed draw term loan first lien$4.8M$5.5M
101c
S+650 bpAug 22, 2031
F••••••• E••••• H••••• L••delayed draw term loan first lien$5.6M$5.5M
100c
11.05%
PIK 7.38%
Oct 1, 2029
C••••••••• A••••••••• L••••••unstated lien unstated$4.5M$5.4M
110c
S+625 bpApr 3, 2031
T•••• B•••• S••delayed draw term loan first lien$4.6M$5.3M
108c
S+525 bpOct 17, 2031
Y• I••••••••• H••••••• I• L••unstated lien unstated$5.2M$5.3M
101c
S+500 bpOct 1, 2031
O•••••• L••delayed draw term loan first lien$3.9M$5.2M
106c
S+625 bp
PIK 2.75%
Dec 5, 2031
P••••••• S••••• L••delayed draw term loan first lien$5.3M$5.2M
100c
S+625 bpSep 13, 2027
U•• I••unstated lien unstated$5.2M$5.2M
100c
S+250 bpFeb 10, 2031
D•••• T••••• I•••unstated lien unstated$5.2M$5.2M
99c
S+275 bpNov 30, 2029
T•••••• I••unstated lien unstated$5.3M$5.2M
99c
S+475 bpNov 17, 2028
O•••• H••••••• I••unstated lien unstated$5.1M$5.1M
101c
S+300 bpJul 30, 2032
E••••••• U••••••• H••••••• L••unstated lien unstated$5.3M$5.1M
96c
S+729 bpJul 26, 2027
B••••• • L••• C•••••••••unstated lien unstated$5.0M$5.0M
100c
S+400 bpJan 15, 2031
F••••••• E••••• H••••• L••delayed draw term loan first lien$41.2M$5.0M
101c
11.22%
PIK 7.38%
Oct 1, 2029
M••••••• I••••••••• I••unstated lien unstated$4.9M$5.0M
101c
S+325 bpJun 17, 2031
O••••••••• B••••••• L••unstated lien unstated$4.9M$4.9M
100c
S+300 bpJul 2, 2031
F••••••• E••••••••• L••unstated lien unstated$4.9M$4.9M
100c
S+325 bpJan 27, 2029
S••••• H••••• I••unstated lien unstated$4.9M$4.9M
100c
S+400 bpSep 27, 2030
F••••••• U••• I•••unstated lien unstated$4.6M$4.6M
102c
S+725 bpSep 13, 2029
P•• I••• E••••• H••••••• L•••equity equity$10.0M$4.6M
99c
N•• E•• T••••••••• I••unstated lien unstatedNot disclosed$4.5M
N•• E•• T••••••••• I••unstated lien unstated$4.5M$4.5M
101c
10.07%
PIK 6.25%
Jun 30, 2030
N•• E•• T••••••••• I••unstated lien unstatedNot disclosed$4.5M
101c
10.07%
PIK 6.25%
Jun 30, 2030
V•••••• S•••••• T••••••••• L••unstated lien unstated$4.3M$4.3M
102c
S+700 bpJun 13, 2031
A••••• A•••••••• H••••••• L•• •••••••••preferred equity equityNot disclosed$4.3M
100c
T• E••••••• U• N•••• I••unstated lien unstated$4.2M$4.2M
101c
S+275 bpApr 30, 2030
O•••••• L••delayed draw term loan first lien$3.5M$4.1M
112c
S+625 bp
PIK 2.75%
Dec 5, 2031
A•••• G•••• I••••••••• H•••••••• I•••unstated lien unstated$4.0M$4.0M
101c
S+325 bpMay 30, 2032
A•• C•• 2•••• L••• C•••• C•notes unsecured or subordinated$4.0M$4.0M
100c
S+1224 bpJul 15, 2037
A•• C•• 2•••• L•••notes unsecured or subordinated$4.0M$4.0M
100c
Jul 15, 2037
N••• M•••• U• D••• M•••••••• I••unstated lien unstated$4.0M$4.0M
100c
S+250 bpNov 17, 2031
F••••••• E••••• H••••• L••delayed draw term loan first lien$4.0M$4.0M
100c
11.05%
PIK 7.38%
Oct 1, 2029
I•• 8• B•••••••• L••delayed draw term loan first lien$4.1M$4.0M
101c
S+600 bpDec 31, 2028
V•••••• P••••• L••unstated lien unstated$3.9M$4.0M
103c
S+475 bpJul 1, 2032
E••• F•••••• H••••••• I••unstated lien unstated$4.0M$3.9M
99c
S+375 bpApr 23, 2031
F•••• R••••••••• G•••• L•unstated lien unstated$3.9M$3.9M
101c
S+375 bpJan 28, 2032
E••••••• R•• L••unstated lien unstated$3.7M$3.7M
101c
S+300 bpAug 1, 2029
T••••• L•••••• G••••• L••unstated lien unstated$3.7M$3.7M
98c
S+750 bp
PIK 3.50%
Mar 27, 2028
T••••••••• G••••• C•••••• P•• L••unstated lien unstated$3.5M$3.5M
102c
S+650 bpJul 2, 2030
F•••• F•••••••• P•••••••• L••unstated lien unstated$3.5M$3.5M
101c
S+250 bpSep 15, 2031
R•• H••••••• 2• L••unstated lien unstated$3.6M$3.5M
100c
10.17%
PIK 6.50%
Oct 11, 2032
F•••• H••••••• L•unstated lien unstatedNot disclosed$3.5M
68c
L••••••• T•••• L••revolver first lien$3.6M$3.5M
99c
S+775 bpMar 31, 2028
C•••••••• I•••unstated lien unstated$3.6M$3.4M
99c
S+400 bpNov 26, 2032
T•••••••• I•••••••• S••••••• L••unstated lien unstated$3.4M$3.4M
100c
S+325 bpJun 17, 2032
I••••••••• C••••••••• P•••••••• L••unstated lien unstated$3.3M$3.3M
100c
15.25%
PIK 15.25%
Sep 5, 2034
M•• S••••••• H•••••••• L••revolver first lien$4.0M$3.2M
82c
PIK 9.50%
Jan 30, 2026
A•••••• U• H••••• 1• L••delayed draw term loan first lien$2.9M$3.2M
105c
S+650 bpJul 31, 2029
C• W•• B•••••••• I•••delayed draw term loan first lien$3.2M$3.2M
106c
S+675 bpJan 27, 2028
R•••• A••••••••• H••••••• L••delayed draw term loan first lien$3.1M$3.1M
101c
S+300 bpNov 19, 2031
W•• I••••••••• C•••unstated lien unstated$3.0M$3.1M
101c
S+300 bpFeb 25, 2032
C• L••• O••••••• B•••••• X• L••unstated lien unstatedNot disclosed$3.0M
103c
A••••• A•••••••• H••••••• L••unstated lien unstated$3.0M$3.0M
100c
S+400 bp
PIK 13.00%
Jun 22, 2031
C••••• C•••••••• A••••••• L••unstated lien unstated$2.9M$3.0M
101c
S+300 bpApr 1, 2032
T•• L•••• I••••••••• L••unstated lien unstated$3.6M$2.9M
83c
S+375 bpJul 18, 2031
G•••• C•••••• L••••••unstated lien unstated$2.2M$2.9M
101c
S+850 bp
PIK 6.00%
Aug 8, 2030
D•••••••• P•••••••• C•••unstated lien unstated$3.0M$2.9M
99c
S+375 bpOct 4, 2029
L• A••• U• B•••• L••unstated lien unstated$2.8M$2.8M
102c
S+300 bpMay 1, 2031
C•• I•••••••• G•••• L••unstated lien unstated$2.8M$2.8M
101c
S+275 bpMay 6, 2031
L••••••• T•••• L••revolver first lien$2.8M$2.7M
99c
S+775 bpMar 31, 2028
R•••• I••••••••• P••••••• I••••••••• C•unstated lien unstated$2.6M$2.6M
101c
S+275 bpNov 22, 2029
I•• 8• B•••••••• L••delayed draw term loan first lien$2.8M$2.6M
101c
S+850 bpDec 31, 2028
F•••••• I••••••••• I•unstated lien unstated$2.6M$2.6M
101c
S+325 bpDec 20, 2032
S••••• B•••• I• I••revolver first lien$3.5M$2.6M
107c
S+475 bpJan 31, 2032
S••••••• M•••• L••••••unstated lien unstated$1.9M$2.5M
101c
13.79%
PIK 10.00%
Aug 5, 2026
I•• 9• F••••••••• L••unstated lien unstated$2.5M$2.5M
100c
S+850 bpMar 28, 2031
R• B•••• I••revolver first lien$3.8M$2.5M
99c
S+650 bpJan 17, 2031
A•• C•• 2•••• L••• C•••• B•notes unsecured or subordinated$2.5M$2.5M
100c
S+944 bpJul 15, 2037
P••••••••• I•••unstated lien unstated$2.5M$2.5M
101c
S+300 bpAug 31, 2028
H• A••••••••• P•• L••delayed draw term loan first lien$3.8M$2.5M
99c
S+650 bpAug 7, 2029
H•••• • A••••••••• L••unstated lien unstated$2.5M$2.5M
100c
S+275 bpJul 23, 2031
K•••••• L••unstated lien unstated$2.8M$2.5M
89c
S+725 bpMay 31, 2028
C••••••••• A••••••••• H••••••• I••unstated lien unstated$2.4M$2.4M
100c
S+318 bpApr 13, 2029
S••••• B•••• I• I••revolver first lienNot disclosed$2.4M
100c
S+500 bpJan 31, 2032
D•• H••••••• L••unstated lien unstated$2.4M$2.4M
99c
S+350 bpJun 26, 2031
A••••• T••••• I•••unstated lien unstated$2.3M$2.3M
101c
S+300 bpApr 30, 2031
T••••••• I••••••• 2• P••unstated lien unstated$1.7M$2.3M
114c
S+800 bpSep 22, 2028
W•••• C•• B••••• L••unstated lien unstated$2.1M$2.1M
101c
S+325 bpOct 19, 2029
A••• G•••• T••••••• L••unstated lien unstated$2.3M$2.1M
95c
S+350 bpFeb 27, 2032
L••••••••• E••••• C••••• L••unstated lien unstated$2.1M$2.1M
101c
S+300 bpAug 5, 2032
W•••••••• M•••• G••••• L••unstated lien unstated$2.1M$2.1M
101c
S+300 bpJun 23, 2032
G••• H••••• L••unstated lien unstated$2.1M$2.1M
102c
S+275 bpJan 27, 2032
L•••• O•••••••• H•••••••• L••unstated lien unstatedNot disclosed$2.1M
G•••• O••••••• G••••• L••unstated lien unstated$2.0M$2.0M
101c
S+325 bpJan 23, 2032
R••••• S••••••• I••unstated lien unstated$2.0M$2.0M
102c
S+375 bpNov 28, 2028
T••• M••••••••• H••••••• L••unstated lien unstated$2.6M$2.0M
79c
S+650 bpDec 1, 2027
P••••••• H•••••••• L••unstated lien unstated$2.0M$2.0M
99c
S+375 bpJul 30, 2032
N• S•• H•••••• L••unstated lien unstatedNot disclosed$2.0M
66c
N• S•• H•••••• L••unstated lien unstatedNot disclosed$2.0M
N• S•• H•••••• L••unstated lien unstatedNot disclosed$2.0M
66c
A•••••• B•••• L••delayed draw term loan first lien$3.3M$2.0M
101c
S+775 bpMar 30, 2030
G••••••• U• H••••• L••unstated lien unstated$2.0M$2.0M
101c
S+350 bpJan 31, 2030
Page 2 of 5PreviousNext
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