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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.

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

Fair value: $2.0B
Borrowers: 95
Mark on cost: 99.6¢
First lien: 97%

Schedule of investments (200)Quarter by quarter Sponsors

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

What matters now

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
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 →
$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 →
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

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

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2026	$2.0B	95	100c	533 bp
Mar 31, 2026	$1.8B	89	98c	527 bp
Dec 31, 2025	$1.9B	81	99c	519 bp
Sep 30, 2025	$1.0B	61	100c	508 bp

All 5 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$335M	28	100c	0	596 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
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
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
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
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 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
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

N••• I••• D••• I••• C•••••• G•••• B••• R•••• S••••••••• L•• first lien term loan
1 BDC hold it · matures Jan 16, 2032
$70,521 100c
C• • R• R•••• T••••• I•• first lien term loan
1 BDC hold it · matures Nov 1, 2030
$68,635 100c
G••••• S•••• B••••• I•• first lien term loan
1 BDC hold it · matures Apr 2, 2031
$65,596 100c
V••••• P•••••••• L•• first lien term loan
1 BDC hold it · matures Dec 18, 2030
$64,550 100c
N••• I••• D••• I••• C••••••• S••••••• G•••• C••••• C••••••••• first lien term loan
1 BDC hold it · matures Sep 19, 2030
$63,017 99c
P• E•••• G•••• B••••• L•• first lien term loan
1 BDC hold it · matures May 14, 2032
$62,725 100c
G• I••••••••• B••••• I•• first lien term loan
1 BDC hold it · matures Nov 18, 2031 · possible sponsor H••••• C••••••• L••
$61,916 100c
E••••••• L•• first lien term loan
1 BDC hold it · matures Dec 22, 2032
$57,049 100c
N••• I••• D••• I••• C••••••• D••••••• • A•••••• S•••• D••••••••• L•• first lien term loan
1 BDC hold it · matures Dec 23, 2030
$54,186 102c
F••••••••• I•• first lien term loan
2 BDCs hold it · matures Oct 31, 2030
$51,052 99c
H•••• H••••• A••••••••• L•• first lien term loan
1 BDC hold it · matures Apr 1, 2032
$50,984 100c
J•••• E••••• S•••• T•••• M•••••• L•• first lien term loan
1 BDC hold it · matures Mar 29, 2030
$50,000 100c

Schedule of investments at Dec 31, 2025

178 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
J•••••• R••••• U• B••••• I••• T•••••••••	term loan first lien	$2.6M	$2.6M 101c	SOFR+525 bp	Jun 30, 2031
A••••• C••• L•• C••••••••• & P••••••••• Services	term loan first lien	$2.6M	$2.5M 96c	SOFR+400 bp	Aug 19, 2030
B• P•• B••••• L•• C••••••• Services	delayed draw term loan first lien	$2.1M	$2.1M 100c	SOFR+675 bp	Jan 13, 2030
G••••• H••••••• I•••••• P••••• L•• Financial Services	term loan first lien	$1.6M	$1.6M 100c	SOFR+560 bp	Sep 16, 2027
C••••• G••••• L•• S••••••• & Services	revolver first lien	$1.5M	$1.5M 100c	SOFR+550 bp	Jun 23, 2031
V••••• P•••••••• L•• a•• V••••• C••••• I••• C••••••••• & P••••••••• Services	revolver first lien	$1.4M	$1.3M 100c	SOFR+525 bp	Dec 31, 2029
V••••• P•••••••• L•• a•• V•••••• C••••• A••••••••• I••• C••••••••• & P••••••••• Services	revolver first lien	$1.4M	$1.3M 100c	SOFR+525 bp	Dec 31, 2029
J•••••• R••••• C••••• B••••• I•••	revolver first lien	Not disclosed	$743,000 106c	S+525 bp
L••••••••• I••• S••••••• & Services	delayed draw term loan first lien	$674,000	$651,000 99c	SOFR+525 bp	Jun 23, 2032
F• R•••••• L•• C••••••• D••••••••• D••••••••• & R•••••	delayed draw term loan first lien	$622,000	$610,000 98c	SOFR+475 bp	Nov 8, 2028
J•••••• R••••• C••••• B••••• I••• T•••••••••	revolver first lien	$767,868	$542,000 105c	//www.fortress.com/20251231#Canadian Overnight Repo Rate Average+525 bp	Jun 30, 2031
J•••••• R••••• C••••• B••••• I••• T•••••••••	revolver first lien	$768,000	$542,000 105c	//www.fortress.com/20260630#Canadian Overnight Repo Rate Average+525 bp	Jun 30, 2031
A•••• T•••• L•••••• H•••••••• & P••••••• P•••••••	preferred equity equity	Not disclosed	$498,000 100c
U•••• G•• G•••• B••• C••••••• Services	delayed draw term loan first lien	$427,000	$454,000 96c	//www.fortress.com/20260630#Euro Interbank Offered Rate+675 bp	Oct 28, 2031
R•••• F••••••• L•• C••••••• Services	warrants equity	Not disclosed	$441,000 227c
U•••• G•• G•••• B•••	delayed draw term loan first lien	Not disclosed	$386,000 95c	S+675 bp
A•••• K••••••• L•• F•••, B••••••• & T••••••	warrants equity	Not disclosed	$258,000 98c
L••••••••• I••• S••••••• & Services	revolver first lien	$205,000	$193,000 101c	SOFR+525 bp	Jun 23, 2032
S•••••• C••••••• C••••••• L•• M••••••••	revolver first lien	$168,000	$158,000 98c	SOFR+600 bp	Oct 30, 2030
M•• S••••••• L•• S••••••• & Services	delayed draw term loan first lien	$40,000	$38,000 97c	SOFR+475 bp	Feb 10, 2028
G• A••••••••• I••• S••••••• & Services	revolver first lien	$22,000	$21,000 95c	SOFR+525 bp	May 25, 2028
A•••• T•••• L•••••• I••••••••• O••••••• S••••• H•••••••• & P••••••• P•••••••	unstated lien unstated	Not disclosed	$18,000 1800c
M•• S••••••• L•• S••••••• & Services	revolver first lien	$9,000	$7,000 78c	SOFR+475 bp	Feb 10, 2028
J•••••• R••••• U• B••••• I••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$3,000 75c	SOFR+525 bp	Jun 30, 2031
G• F•••• A••••••••• I• I•• Financial Services	delayed draw term loan first lien	Not disclosed	-$4,000	SOFR+350 bp	Aug 16, 2032
R•••• F••••••• L•• C••••••• Services	revolver first lien	Not disclosed	-$9,000 75c	SOFR+685 bp	Mar 14, 2030
S•••••••• T••••• L•• C••••••• Services	revolver first lien	Not disclosed	-$18,000 150c	SOFR+575 bp	Nov 4, 2030
B• P•• B••••• L•• C••••••• Services	revolver first lien	$0	-$19,000 83c	SOFR+675 bp	Jan 13, 2030
S••••••• I••••••••• L•• Capital G••••	revolver first lien	Not disclosed	-$25,000 104c	SOFR+550 bp	Dec 18, 2029
J•••••• R••••• C••••• B••••• I••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$27,000 77c	//www.fortress.com/20251231#Canadian Overnight Repo Rate Average+525 bp	Jun 30, 2031
J•••••• R••••• C••••• B••••• I••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$27,000 77c	//www.fortress.com/20260630#Canadian Overnight Repo Rate Average+525 bp	Jun 30, 2031
X••••••••• F•••••• L•• C••••••• Services	revolver first lien	Not disclosed	-$28,000 90c	SOFR+675 bp	Dec 9, 2030
S••••• S••••••••• I••• Capital G••••	revolver first lien	Not disclosed	-$31,000 103c	SOFR+575 bp	Mar 18, 2030
S•••••••• T••••• L•• C••••••• Services	delayed draw term loan first lien	Not disclosed	-$37,000 154c	SOFR+575 bp	Nov 4, 2030
J•••••• R••••• C••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$37,000 77c	S+525 bp
F••••••••• I••• C••••••• D••••••• & A••••••	delayed draw term loan first lien	Not disclosed	-$40,000	SOFR+750 bp	Oct 30, 2030
A•••• K••••••• L•• F•••, B••••••• & T••••••	delayed draw term loan first lien	Not disclosed	-$53,000 110c	SOFR+685 bp	Jan 31, 2030
G• I••••••••• B••••• I••• H••••• C••• E•••••••• & Services	delayed draw term loan first lien	Not disclosed	-$61,000 153c	SOFR+500 bp	Nov 18, 2031
G• I••••••••• B••••• I••• H••••• C••• E•••••••• & Services	delayed draw term loan first lien	Not disclosed	-$61,000 153c	SOFR+500 bp	Nov 18, 2031
S••••••• I••••••••• L•• Capital G••••	delayed draw term loan first lien	Not disclosed	-$62,000 102c	SOFR+550 bp	Dec 18, 2029
V••••• P•••••••• L•• a•• V••••• C••••• I••• C••••••••• & P••••••••• Services	delayed draw term loan first lien	Not disclosed	-$78,000 128c	SOFR+525 bp	Dec 31, 2029
V••••• P•••••••• L•• a•• V•••••• C••••• A••••••••• I••• C••••••••• & P••••••••• Services	delayed draw term loan first lien	Not disclosed	-$78,000 128c	SOFR+525 bp	Dec 31, 2029
R••• B•••• H••••••• L••••••	delayed draw term loan first lien	Not disclosed	-$123,000 228c	S+500 bp
R••• B•••• H••••••• L•••••• C••••••• Services	delayed draw term loan first lien	Not disclosed	-$166,000 227c	//www.fortress.com/20260630#Sterling Overnight Index Average+500 bp	Sep 15, 2032
R••• B•••• H••••••• L•••••• C••••••• Services	delayed draw term loan first lien	Not disclosed	-$166,000 227c	//www.fortress.com/20260331#Sterling Overnight Index Average+500 bp	Sep 12, 2032
C••• R•••• T••••• I••• H••••• C••• E•••••••• & Services	delayed draw term loan first lien	Not disclosed	-$171,000 86c	SOFR+525 bp	Nov 1, 2030
E••••••• L•• C••••••••• & P••••••••• Services	revolver first lien	Not disclosed	-$204,000 100c	SOFR+525 bp	Dec 23, 2030
G• A••••••••• I••• S••••••• & Services	delayed draw term loan first lien	Not disclosed	-$218,000 1557c	SOFR+525 bp	May 25, 2028
J•••••• R••••• U• B••••• I••	unstated lien unstated	Not disclosed	Not disclosed
X••••••••• F•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R•••• F••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••• L••• I•••	unstated lien unstated	Not disclosed	Not disclosed
R••• B•••• H••••••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
C••• R•••• T••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
J•••••• R••••• C••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B• P•• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••••••• T••••• L••	unstated lien unstated	Not disclosed	Not disclosed
U•••• G•• G•••• B•••	unstated lien unstated	Not disclosed	Not disclosed
V••••• P•••••••• L•• a•• V•••••• C••••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••• S••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T••••• •••••• N•••• A•••••• D••• C••••• A••••••••• L•• Real Estate	term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	May 8, 2030
A•••• K••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••••• G••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
J•••••• R••••• U• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
O•• P•••••• I••• S••••••• & Services	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+450 bp	Sep 13, 2032
S•••••• C••••••• C••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
E••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
L••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
O•• P•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
M••••• D••••••••• F••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F• R•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••• T•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
G• F•••• A••••••••• I• I••	unstated lien unstated	Not disclosed	Not disclosed
G• I••••••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed

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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