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A•••••• S•••••••• C••••• F•••

Business development companymanaged by A•••••• C•••••• C••••• A••••••• L••Non-traded· CHICAGO, IL

A non-traded business development company, managed by A•••••• C•••••• C••••• A••••••• L••, holding $4.6B across 445 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: $4.6B
Borrowers: 445
Mark on cost: 99.0¢
First lien: 96%

Schedule of investments (1,488)Quarter by quarter Sponsors

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

What matters now

11 below 80¢
$33.4M principal
11 positions across 11 borrowers marked below 80¢ on cost, $33.4M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
36 → 39
loans paying in kind
Loans paying in kind rose from 36 to 39 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 →
$3.2B → $4.6B
fair value, 4 quarters
Its portfolio grew 46% 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 1993402 · file 814-01700Show

Fair value

$4.6B

as of Jun 30, 2026

Principal held

$5.5B

debt pieces, the filer's figure

Cost

$4.7B

99c on cost, debt pieces

Unfunded

$992M

commitments not yet drawn

Positions

1,488

445 borrowers

First lien

96%

96% debt by fair value

Quarters on the tape

since Mar 31, 2024

Facilities held

939

70 sponsors financed

Portfolio through time

Fair value by quarter end$4.6B as of Jun 30, 2026

Mar 31, 2024$2.5B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$4.6B	445	99c	39	469 bp
Mar 31, 2026	$4.5B	452	99c	36	467 bp
Dec 31, 2025	$4.7B	450	100c	37	472 bp
Sep 30, 2025	$3.6B	418	100c	29	469 bp

All 10 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$3.2B	428	100c	33	477 bp
Mar 31, 2025	$13B	404	100c	25	484 bp
Dec 31, 2024	$12B	372	100c	13	505 bp
Sep 30, 2024	$7.8B	359	100c	17	517 bp
Jun 30, 2024	$5.5B	342	100c	16	516 bp
Mar 31, 2024	$2.5B	278	100c	16	556 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C•• P•••••• I•• first lien term loan
2 BDCs hold it · matures Dec 7, 2028
$51.1M 100c
I••••••••• P•••• S••••••• H•••••••• I•• first lien term loan
4 BDCs hold it · matures Nov 22, 2031 · possible sponsor S••••••••• C•••••• P•••••••
$48.1M 99c
M••••••• B•••• I•• first lien term loan
9 BDCs hold it · matures Dec 2, 2031
$47.3M 99c
N• K••••• B••••• I•• first lien term loan
3 BDCs hold it · matures Jan 31, 2033 · possible sponsor C••••••• C•••••• M••••••••• L••
$46.5M 100c
W••••• E••••••••• G••••• L•• first lien delayed draw term loan
8 BDCs hold it · matures Oct 4, 2028 · possible sponsor L•••••••• C•••••• L••
$43.3M 100c
E•••••• H•••••••• I•• first lien term loan
18 BDCs hold it · matures Dec 20, 2032 · possible sponsor V•••••• C•••••• L••
$42.5M 99c
K••• A••••••••• I•• first lien delayed draw term loan
3 BDCs hold it · matures Dec 12, 2029 · possible sponsor K••••••• • C••••••
$40.7M 99c
O••••••••• L•• first lien term loan
25 BDCs hold it · matures Dec 23, 2032 · possible sponsor F•••••••• P•••••••
$38.5M 99c
G•• H••••••• L•• first lien term loan
2 BDCs hold it · matures Oct 18, 2030
$38.4M 100c
V••••• M•••• H•••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 3, 2032
$37.8M 100c
C••••• P••••••• E••••• H•••••• L•• first lien term loan
5 BDCs hold it · matures Jul 28, 2031
$37.3M 99c
A••••••••• G•••••• L•• first lien term loan
3 BDCs hold it · matures Oct 25, 2032
$36.3M 99c

Schedule of investments at Sep 30, 2025

1,345 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Y•• H•••••••• I•••	revolver first lien	Not disclosed	-$23,000
S•••• P•• B•••• L••	delayed draw term loan first lien	Not disclosed	-$23,000
B•••• H•••••••• I••• C••••••••	delayed draw term loan first lien	$4.5M	-$23,000 209c	SOFR+475 bp	Jul 1, 2032
M••••• A••••••••• I•••	revolver first lien	Not disclosed	-$24,000
F••••• E••••••••• L••	delayed draw term loan first lien	Not disclosed	-$24,000
F••••• E••••••••• L•• S•••••••	delayed draw term loan first lien	$4.9M	-$24,000 109c	SOFR+450 bp	Mar 21, 2031
S••••••••• F•••••••• M•••••••• G•••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$25,000
H••••• T••• C••••••• L••	revolver first lien	Not disclosed	-$27,000
H••••• T••• C••••••• L•• I••••••••• C•••••••••	revolver first lien	Not disclosed	-$27,000 -180c	SOFR+475 bp	Aug 6, 2032
D•••• E••••••••• E••••••••, I••••••••• and C•••••••••	delayed draw term loan first lien	$2.8M	-$28,000 233c	SOFR+475 bp	Jul 20, 2029
D••••	delayed draw term loan first lien	Not disclosed	-$28,000
A••••••••• I••• C••••••••	delayed draw term loan first lien	$6.3M	-$31,000 207c	SOFR+475 bp	Mar 1, 2032
D•• M•••• C•••	delayed draw term loan lien unstated	Not disclosed	-$31,000
D••••	revolver first lien	Not disclosed	-$31,000
A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$31,000
L••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	-$33,000
D•• A••••••••• C•••• C••••••••	revolver first lien	$4.4M	-$33,000 300c	SOFR+500 bp	Jun 13, 2031
D•• A••••••••• C••••	revolver first lien	Not disclosed	-$33,000
T•••••• A••••••••• C••••	revolver first lien	Not disclosed	-$33,000
E•••• L••	delayed draw term loan lien unstated	Not disclosed	-$34,000
D••••••• P••••••••• I••• H••••• C••• T•••••••••	revolver first lien	$4.6M	-$34,000 100c	SOFR+475 bp	Dec 16, 2031
D••••••• P••••••••• I•••	revolver first lien	Not disclosed	-$34,000
E•••• L•• Gas U••••••••	delayed draw term loan first lien	$6.9M	-$34,000 200c	SOFR+475 bp	Dec 10, 2029
M••••••• A••••••••• I••• Financial S••••••s	delayed draw term loan first lien	$4.1M	-$35,000 219c	SOFR+500 bp	Jun 3, 2030
M••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$35,000
R•• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	-$38,000
R•• B••••• I••• M••••••••	delayed draw term loan first lien	$7.8M	-$38,000 200c	SOFR+450 bp	Aug 5, 2030
H• R•• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	-$39,000
V••••• S•••••• P•••••••• L••	delayed draw term loan first lien	Not disclosed	-$42,000
M••••••• M•••• I•••	delayed draw term loan first lien	Not disclosed	-$47,000
M••••••• M•••• I••• I••••••••	delayed draw term loan first lien	$9.5M	-$47,000 224c	SOFR+475 bp	Dec 19, 2027
A•••• A••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$51,000
R•••• T•••• U• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$52,000
R•••• T•••• U• B••••• I••• IT S••••••s	delayed draw term loan first lien	$6.9M	-$52,000 347c	SOFR+450 bp	Sep 30, 2031
H••••••• B•••••• L•• C••••••••• S••••••s and S•••••••	delayed draw term loan first lien	$11.5M	-$54,000 193c	SOFR+400 bp	Dec 15, 2028
H••••••• B•••••• L••	delayed draw term loan lien unstated	Not disclosed	-$54,000
R•••••• L••••••••• L••	delayed draw term loan first lien	Not disclosed	-$55,000
H••••• T••• C••••••• L••	delayed draw term loan first lien	Not disclosed	-$57,000
H••••• T••• C••••••• L•• I••••••••• C•••••••••	delayed draw term loan first lien	$7.9M	-$57,000 356c	SOFR+475 bp	Aug 6, 2032
I••••••••• P••••••• L••	delayed draw term loan first lien	Not disclosed	-$57,000
P••••••• S••••• a•• E•••••••• C••	delayed draw term loan lien unstated	Not disclosed	-$58,000
U••••• R••• A••••••• I••• I••••••••	delayed draw term loan first lien	$12.2M	-$61,000 210c	SOFR+400 bp	Oct 17, 2031
U••••• R••• A••••••• I•••	delayed draw term loan first lien	Not disclosed	-$61,000
P•••••••• C••••••••• M••••• I••• C••••••••• and P••••••••	delayed draw term loan first lien	$13.0M	-$65,000	SOFR+475 bp	Jan 22, 2032
C••••••••• M••••• I••• P••••••••	delayed draw term loan lien unstated	Not disclosed	-$65,000
K••• A••••••••• I••• Financial S••••••s	delayed draw term loan first lien	$14.6M	-$70,000 3500c	SOFR+500 bp	Jul 31, 2031
K••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$70,000
A•••••••• S••••••••• L••••• C••••••••• & E•••••••••	delayed draw term loan first lien	$14.6M	-$73,000 203c	SOFR+425 bp	Sep 30, 2032
A•••••••• S••••••••• L•••••	delayed draw term loan lien unstated	Not disclosed	-$73,000
V•• I••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$78,000
A•• G•••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$83,000
W••••• E••••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$86,000
K••• A••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	-$88,000
K••• A••••••••• I••• L••• S••••••• T•••• & S••••••s	delayed draw term loan first lien	$17.9M	-$88,000 200c	SOFR+475 bp	Dec 12, 2029
Q•••••• A••••••••• S•••••••• L••	delayed draw term loan first lien	Not disclosed	-$92,000
Q•••••• A••••••••• S•••••••• L•• A••••••••• C•••••••••	delayed draw term loan first lien	$18.4M	-$92,000 204c	SOFR+500 bp	Jul 16, 2027
C••••• P••••••• E••••• H•••••• L••	equity equity	Not disclosed	-$917,000
L••• A•••••••• L••	preferred equity equity	Not disclosed	Not disclosed
P••• B••••• L•• P•••••••••	revolver first lien	$3.1M	Not disclosed n/a	SOFR+425 bp	Mar 29, 2032
G•••••••• P•••••• L•• H••••• C••• T•••••••••	revolver first lien	$4.7M	Not disclosed n/a	SOFR+500 bp	Mar 31, 2032
K••••• I••• S•••••••	revolver first lien	$1.5M	Not disclosed n/a	SOFR+325 bp	Mar 20, 2030
A••• M••••• L••	equity equity	Not disclosed	Not disclosed
G••••• B••••••• L••	equity equity	Not disclosed	Not disclosed
A••••••• B••••• I••• S•••••••	revolver first lien	$1.2M	Not disclosed n/a	SOFR+425 bp	Jul 26, 2030
D• I••••••••• H•••••• I••• S•••••••	delayed draw term loan first lien	$14.8M	Not disclosed n/a	SOFR+550 bp	Feb 24, 2028
E•••••• B••••• I•••	preferred equity equity	Not disclosed	Not disclosed
M•••••• B••••• I•••	equity equity	Not disclosed	Not disclosed
E••••••• S••••••••• L•• S•••••••	delayed draw term loan first lien	$1.1M	Not disclosed n/a	SOFR+450 bp	Nov 26, 2031
L••• A•••••••• L••	equity equity	Not disclosed	Not disclosed
I••••••••• H•••••••• L•• H••••••••• P•••••••• and S••••••s	revolver first lien	$5.0M	Not disclosed	SOFR+325 bp	Mar 12, 2030
E•••••• B••••• I••• S•••••••	revolver first lien	$1.4M	Not disclosed n/a	SOFR+450 bp	Sep 8, 2031
I•••••••• I••• S•••••••	revolver first lien	$3.1M	Not disclosed n/a	SOFR+450 bp	Jan 12, 2032
H•• H••• A••••••••• I••• P••••••••• S••••••s	revolver first lien	$978,000	Not disclosed n/a	SOFR+500 bp	Jun 28, 2030
J•••••• B••••• I••• S•••••••	revolver first lien	$1.3M	Not disclosed	SOFR+275 bp	Dec 6, 2029
K•• P••••• H•••••••• I••• S•••••••	revolver first lien	$1.7M	Not disclosed n/a	SOFR+475 bp	Mar 12, 2032
K•• P••••• H•••••••• I••• S•••••••	delayed draw term loan first lien	$2.4M	Not disclosed n/a	SOFR+475 bp	Mar 12, 2032
C•••• P•••••• I••• P•••••••••	revolver first lien	$125,000	Not disclosed n/a	SOFR+500 bp	Dec 18, 2031
B•••••• C••••••• H••••••••• I••••••••• L•• P•••••••••	delayed draw term loan first lien	$5.0M	Not disclosed n/a	SOFR+525 bp	Dec 22, 2031
L•• V•••••• H••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
E•••••• B••••• I••• S•••••••	delayed draw term loan first lien	$2.7M	Not disclosed n/a	SOFR+450 bp	Sep 8, 2031
B•••••• C••••••• H••••••••• I••••••••• L•• P•••••••••	revolver first lien	$2.7M	Not disclosed n/a	SOFR+525 bp	Dec 22, 2031
M•• C•••••••••	equity equity	Not disclosed	Not disclosed
A• C•••••• A••••••••• C•••••••••	preferred equity equity	Not disclosed	Not disclosed
C••• L••••••• H•••••••	equity equity	Not disclosed	Not disclosed
F•• B•••• L•• H••••• C••• T•••••••••	delayed draw term loan first lien	$4.0M	Not disclosed n/a	SOFR+450 bp	Mar 18, 2032
E••• B••••• I•••	equity equity	Not disclosed	Not disclosed
F•• B•••• L••	equity equity	Not disclosed	Not disclosed
G••••• B••••• I•••	equity equity	Not disclosed	Not disclosed
S••• A••••••••• I••• H••••••••• P•••••••• and S••••••s	revolver first lien	$1.5M	Not disclosed n/a	SOFR+525 bp	Oct 30, 2026
R•••• A••••••••• H•••••••• L•• H••••••••• P•••••••• and S••••••s	delayed draw term loan first lien	$433,000	Not disclosed n/a	SOFR+300 bp	Nov 19, 2031
H•••••••• T••••••••• U•• L••	preferred equity equity	Not disclosed	Not disclosed
R•••• T•••• U• B••••• I•••	preferred equity equity	Not disclosed	Not disclosed
G•••••••• P•••••• L••	preferred equity equity	Not disclosed	Not disclosed
C•••••• G••••• A••••••••• L•• S•••••••	revolver first lien	$1.8M	Not disclosed n/a	SOFR+475 bp	Dec 29, 2031
H••••• L••••• L•• S•••••••	revolver first lien	$759,000	Not disclosed n/a	SOFR+525 bp	Jan 10, 2029
S•••••• B••••• L••	preferred equity equity	Not disclosed	Not disclosed
U•••••••• T••••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
W•••••• T••••• I•••	equity equity	Not disclosed	Not disclosed
E••••••• S••••••••• L•• S•••••••	revolver first lien	$415,000	Not disclosed n/a	SOFR+450 bp	Nov 26, 2031
S•••• H•••••••• I••• H••••••••• P•••••••• and S••••••s	delayed draw term loan first lien	$2.1M	Not disclosed n/a	SOFR+475 bp	Jan 30, 2032

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2024 to 2026reported
Filings listed: 10reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-349216reported