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F••••••• P•••••• L•••••• F•••

Business development companymanaged by F••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by F••• M••••••••• L••, holding $2.0B across 95 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$2.0B
Schedule of investments, 10-Q and 10-K
Borrowers
95
Schedule of investments, 10-Q and 10-K
Mark on cost
99.6¢
Schedule of investments, 10-Q and 10-K
First lien
97%
Schedule of investments, 10-Q and 10-K
Schedule of investments (200)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 3 below 80¢
    $11.4K principal

    3 positions across 3 borrowers marked below 80¢ on cost, $11.4K principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  2. 97.6¢ → 99.6¢
    book mark on cost

    Marked its book up from 97.6¢ to 99.6¢ on the dollar in the quarter to Jun 30, 2026.

    Q2 2026 · The whole portfolio was marked up.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  3. $335M → $2.0B
    fair value, 4 quarters

    Its portfolio grew 496% 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 →
  4. 89 → 95
    borrowers

    Added a net 6 borrowers in the quarter to Jun 30, 2026, to 95.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 2012139 · file 814-01880Show
Fair value
$2.0B
as of Jun 30, 2026
Principal held
$1.9M
debt pieces, the filer's figure
Cost
$2.0B
100c on cost, debt pieces
Unfunded
$169M
commitments not yet drawn
Positions
200
95 borrowers
First lien
97%
98% debt by fair value
Quarters on the tape
5
since Jun 30, 2025
Facilities held
178
9 sponsors financed
Portfolio through time
Fair value by quarter end$2.0B as of Jun 30, 2026
Jun 30, 2025$335M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.0B95100c0533 bp
Mar 31, 2026$1.8B8998c0527 bp
Dec 31, 2025$1.9B8199c0519 bp
Sep 30, 2025$1.0B61100c0508 bp
All 5 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$335M28100c0596 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 Sep 30, 2025
116 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
O•• P•••••• I••unstated lien unstatedNot disclosedNot disclosed
L••• V•••••• I••unstated lien unstatedNot disclosedNot disclosed
J•••••• R••••• C••••• B••••• I••unstated lien unstatedNot disclosedNot disclosed
V•••••• P•••••••• L•• A•• V•••••• C••••• A••••••••• I••unstated lien unstatedNot disclosedNot disclosed
C••••• G••••• L••unstated lien unstatedNot disclosedNot disclosed
J•••••• R••••• U• B••••• I••unstated lien unstatedNot disclosedNot disclosed
G• S• A••••••••• I••unstated lien unstatedNot disclosedNot disclosed
B• P•• B••••• L••unstated lien unstatedNot disclosedNot disclosed
S••••••• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
S•••••• C••••••• C••••••• L••unstated lien unstatedNot disclosedNot disclosed
R•••• F••••••• L••unstated lien unstatedNot disclosedNot disclosed
M•• S••••••• L••unstated lien unstatedNot disclosedNot disclosed
S••••• S••••••••• I••unstated lien unstatedNot disclosedNot disclosed
S•••••••• T••••• L••unstated lien unstatedNot disclosedNot disclosed
G• F••••unstated lien unstatedNot disclosedNot disclosed
A•••• K••••••• L••unstated lien unstatedNot disclosedNot disclosed
Page 2 of 2Previous
Registration
Fiscal year end
1231reported
Incorporated
unknownreported
On the SEC BDC report
2026 to 2026reported
Filings listed
5reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-344953reported