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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 Mar 31, 2026
401 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
O•• G••••• L••unstated lien unstatedNot disclosedNot disclosed
Page 5 of 5Previous
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