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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, 2025

500 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C•• B••••• I•••	revolver first lien	$144,000	$0 0c		May 13, 2032
I••••• P••••••••• I•••	unstated lien unstated	$1.9M	$0 0c		Nov 21, 2031
N•• E•• T••••••••• I••	unstated lien unstated	$4,139	$0
K••••••••• P••••• L••	revolver first lien	$1.3M	$0 0c		Nov 24, 2031
C••••• T••••• I•••	revolver first lien	$1.3M	$0 0c		May 1, 2030
A••••••• A•••••• H•••••••• L••	revolver first lien	$160,000	-$1,000		Jun 30, 2027
O•••••• L••	delayed draw term loan first lien	$794,000	-$8,000 50c		Dec 5, 2031
T•••• B•••• S••	delayed draw term loan first lien	$348,000	-$9,000 180c		Oct 17, 2031
N•• D••••• P•••••••• I••	unstated lien unstated	$1.8M	-$9,000 32c		Sep 10, 2030
X••••••••• F•••••• L••	unstated lien unstated	$658,000	-$10,000 100c		Dec 6, 2030
P• F•••• P•• L••	delayed draw term loan first lien	$1.4M	-$11,000 61c		May 30, 2030
C•••• P•••••• I•••	revolver first lien	$2.8M	-$11,000 29c		Dec 18, 2031
F•••• B•••• I••	unstated lien unstated	$340,000	-$12,000		Oct 23, 2030
S• I••••••••• H•••••••• L••	unstated lien unstated	$2.4M	-$13,000 38c		May 2, 2030
S•••• S••••• B••••• L••	unstated lien unstated	$3.0M	-$14,000 36c		Mar 31, 2031
E••••••• B•••• I•••	unstated lien unstated	$1.6M	-$14,000 64c		Mar 25, 2032
S••••• B•••• I• I••	revolver first lien	$4.5M	-$17,000 29c		Jan 31, 2032
N•• D••••• P•••••••• I••	unstated lien unstated	$3.4M	-$18,000 30c		Sep 10, 2030
S•••• S••••• B••••• L••	unstated lien unstated	$4.1M	-$19,000 33c		Mar 31, 2031
A•••• B••••• L••	unstated lien unstated	$1.9M	-$22,000 54c		Jan 14, 2030
S•••• M••••••••• B••••• I•••	unstated lien unstated	$2.2M	-$24,000 75c		May 29, 2032
A••••• A•••••••• H••••••• L••	unstated lien unstated	$2.0M	-$30,000 100c		Jun 22, 2031
E••••••• B•••• I•••	unstated lien unstated	$3.6M	-$32,000 63c		Mar 25, 2032
E••••••• P••••• I••	revolver first lien	$2.7M	-$32,000 70c		Jan 22, 2031
S•••• M••••••••• B••••• I•••	unstated lien unstated	$3.4M	-$33,000 73c		May 29, 2030
B•••••• S••• S•••••• D••••• P•••••• L••	revolver first lien	$2.1M	-$36,000 90c		Aug 28, 2030
G•••• C•••••• L••••••	unstated lien unstated	Not disclosed	-$37,000 -3700c	S+850 bp PIK 6.00%	Aug 3, 2030
T•••• I•••	delayed draw term loan first lien	$3.7M	-$45,000 58c		Mar 12, 2030
D••••••• I••	revolver first lien	$4.7M	-$54,000 83c		Jul 30, 2030
R••••• S••••••• W•• C•••••••••	delayed draw term loan first lien	$5.2M	-$89,000 89c		Aug 29, 2030
R•• G••••• H••••••• L••	revolver first lien	$3.9M	-$92,000 79c		Nov 4, 2030
T•••••• M••••• M•••• S•••	delayed draw term loan first lien	$7.6M	-$102,000 59c		Aug 22, 2031
C••••••• B••••••••• G•••	unstated lien unstated	$4.6M	-$117,000 98c		May 23, 2029
S•••••••• H•• B••••••• L••	delayed draw term loan first lien	$7.9M	-$158,000 136c		Oct 28, 2029
A•••••• P••••••••• I••	revolver first lien	$4.0M	-$171,000 251c		Mar 14, 2030
G•••• A•• I••••••••• •••• L•••	unstated lien unstated	$12.5M	-$365,000 73c		Mar 31, 2033
A••••••• A•••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed
A•••••• U• H••••• 1• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
S•••• M••••••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed
S••• M•• C• L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
R•• G••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed
P•••••• A••••••••• T•••• S•••	revolver first lien	Not disclosed	Not disclosed
N•• D••••• P•••••••• I••	revolver first lien	Not disclosed	Not disclosed
I••••• P••••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
G•••• A•• I••••••••• •••• L•••• O••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
T••••••• I••••••••• I•••	revolver first lien	Not disclosed	Not disclosed
T•••• B•••• S••	delayed draw term loan first lien	Not disclosed	Not disclosed
S• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed
R••••• S••••••• W•• C•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
O•••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
G•••• C•••••• L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
C••••••••• A••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
A••••••• A•••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed
C••••• P•••••• E••••• B••••• S••••••••• finance (CLO)	notes lien unstated	Not disclosed	Not disclosed
A•••••• U• H••••• 1• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
S•••• S••••• B••••• L••	revolver first lien	Not disclosed	Not disclosed
T•••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
V•••••• S•••••• T••••••••• L••	revolver first lien	Not disclosed	Not disclosed
R••••• C••••••••• O•••••••• C••••••• I••	revolver first lien	Not disclosed	Not disclosed
P•••••• A••••••••• T•••• S•••	revolver first lien	Not disclosed	Not disclosed
O•• G••••• L••	revolver first lien	Not disclosed	Not disclosed
G•••••• S•••• F•••••••• S••••• G••••••••• F•••	unstated lien unstated	Not disclosed	Not disclosed	3.69%
E••••••• B•••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
E••••••• P••••• I••	revolver first lien	Not disclosed	Not disclosed
D••••••••• S••••••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
G•••••• S•••• F•••••••• S••••• G••••••••• F••• N••••••••• I•••••	unstated lien unstated	Not disclosed	Not disclosed
G•••• C•••••• L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
S•••••• B•••• P•• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
S•••• S••••• B••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
T••••••• I••••••••• I•••	revolver first lien	Not disclosed	Not disclosed
C•••• P•••••• I•••	revolver first lien	Not disclosed	Not disclosed
C••••••• B••••••••• G•••	delayed draw term loan first lien	Not disclosed	Not disclosed
B•••••• S••• S•••••• D••••• P•••••• L••	revolver first lien	Not disclosed	Not disclosed
A•••••• B•••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
P• F•••• P•• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
G•••• A•• I••••••••• •••• L•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
F••••••• E••••• H••••• L••• O••••	delayed draw term loan first lien	Not disclosed	Not disclosed
F••••••• E••••• H••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
E••••••• B•••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
F• C•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
N•• D••••• P•••••••• I••	delayed draw term loan first lien	Not disclosed	Not disclosed
O•• G••••• L••	revolver first lien	Not disclosed	Not disclosed
R••••• C••••••••• O•••••••• C••••••• I••	revolver first lien	Not disclosed	Not disclosed
T•••• B•••• S••	delayed draw term loan first lien	Not disclosed	Not disclosed
V•••••• S•••••• T••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
X••••••••• F•••••• L••	revolver first lien	Not disclosed	Not disclosed
X••••••••• F•••••• L••	revolver first lien	Not disclosed	Not disclosed
T•••••• M••••• M•••• S•••	delayed draw term loan first lien	Not disclosed	Not disclosed
R• B•••• I••	revolver first lien	Not disclosed	Not disclosed
A•••••• B•••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
C•••• P•••••• I•••	revolver first lien	Not disclosed	Not disclosed
G•••• C•••••• L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
M•••••• B•••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
S••• M•• C• L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
S••••• B•••• I• I••	revolver first lien	Not disclosed	Not disclosed
T•••• B•••• S••	delayed draw term loan first lien	Not disclosed	Not disclosed
T•••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
M•• S••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
O•••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
A••••• A•••••••• H••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed

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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