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K•• E••••••• U• D••••• L•••••• F••••• I•••
A non-traded business development company, managed by K•• C••••• A•••••••, holding $1.4B across 90 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.4B
- Borrowers
- 90
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $1.91Mon non-accrual, 1 borrower
1 borrower on non-accrual, $1.91M principal; the largest is N•• E•• T••••••••• I•• ($1.91M).
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 N•• E•• T••••••••• I•• → - 23 → 25loans paying in kind
Loans paying in kind rose from 23 to 25 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.
- $953M → $1.4Bfair value, 4 quarters
Its portfolio grew 47% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 2012839 · file 814-01724ShowHide
Fair value
$1.4B
as of Jun 30, 2026
Principal held
$1.7B
debt pieces, the filer's figure
Cost
Not disclosed
no schedule read
Unfunded
Not disclosed
commitments not yet drawn
Positions
307
90 borrowers
First lien
not established
100% debt by fair value
Quarters on the tape
9
since Jun 30, 2024
Facilities held
90
27 sponsors financed
Portfolio through time
Fair value by quarter end$1.4B as of Jun 30, 2026
Jun 30, 2024$504M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.4B | 90 | n/a | 25 | 479 bp |
| Mar 31, 2026 | $1.3B | 88 | n/a | 23 | 484 bp |
| Dec 31, 2025 | $1.3B | 86 | n/a | 23 | 488 bp |
| Sep 30, 2025 | $992M | 78 | n/a | 19 | 500 bp |
All 9 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $953M | 75 | n/a | 16 | 507 bp |
| Mar 31, 2025 | $894M | 74 | n/a | 11 | 518 bp |
| Dec 31, 2024 | $759M | 68 | n/a | 6 | 531 bp |
| Sep 30, 2024 | $657M | 65 | n/a | 4 | 544 bp |
| Jun 30, 2024 | $504M | 60 | n/a | 6 | 571 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Returned to accrualJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Returned to accrualJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- S•••••• E•••••• I•• other4 BDCs hold it · matures Dec 23, 2032 · possible sponsor W•••••• P••••• L••$65.5M n/a
- W••••••• I•• other6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••$64.4M n/a
- B••••••• L•• other4 BDCs hold it · matures Mar 5, 2032 · possible sponsor V•••• E••••• P••••••• M••••••••• L••$61.5M n/a
- F•••••••• R••• S••••• L•• other6 BDCs hold it · matures Mar 4, 2032 · T•• S••••••• G••••• L•••$60.2M n/a
- R••••••••• C•••••• M••••••••• L• other4 BDCs hold it · matures Dec 2, 2032 · possible sponsor V••••• G••••• I•••••••• L•$49.4M n/a
- C•••• G••••• other4 BDCs hold it · matures Mar 8, 2029$49.2M n/a
- P•• P••••• S••••••• other4 BDCs hold it · matures Oct 15, 2032 · possible sponsor K••••••• • C••••••$48.3M n/a
- C•••••••• T••••••••• L•• other4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••$45.6M n/a
- N••••••• T••••••••• I•• other6 BDCs hold it · matures Aug 25, 2031$44.2M n/a
- V•••••••• L•• other4 BDCs hold it · matures Nov 21, 2031 · possible sponsor A••• P••••••• L••$40.7M n/a
- H•••••• C•• B•••• L•• other5 BDCs hold it · matures Mar 29, 2032$40.1M n/a
- L••••• F•••• L•• other3 BDCs hold it · matures Oct 31, 2031 · possible sponsor L••••••••• • C••• L••$37.5M n/a
Schedule of investments at Jun 30, 2025
238 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C•••• G••••• | unstated lien unstated | $38.6M | $39.0M | S+575 bp | Mar 8, 2030 |
| C•••••••• T••••••••• L•• | unstated lien unstated | $31.6M | $31.6M | S+475 bp | Feb 13, 2032 |
| B••••••• L•• | unstated lien unstated | $30.8M | $30.6M | S+500 bp | Mar 5, 2032 |
| U••• H••••••• I•• | unstated lien unstated | $29.6M | $30.1M | S+550 bp | Sep 10, 2031 |
| N••••••• T••••••••• I•• | unstated lien unstated | $29.6M | $29.9M | S+275 bp PIK 2.45% | Aug 25, 2031 |
| P••• L•• ••• C••••••••• | unstated lien unstated | $25.5M | $25.5M | S+550 bp | Mar 9, 2028 |
| J• S• H••• L•• | unstated lien unstated | $24.9M | $24.9M | S+550 bp | Jun 1, 2028 |
| W••••••• I•• | unstated lien unstated | $24.6M | $24.8M | S+500 bp | Apr 5, 2030 |
| L•••••• H••••••••• L•• | unstated lien unstated | $24.8M | $24.8M | S+275 bp PIK 2.75% | Aug 22, 2031 |
| P•• P••••• S••••••• | unstated lien unstated | $24.5M | $24.5M | S+475 bp | Jan 22, 2032 |
| F•••••••• R••• S••••• L•• | unstated lien unstated | $24.2M | $24.1M | S+275 bp PIK 2.00% | Mar 4, 2032 |
| V•••••••• L•• | unstated lien unstated | $23.0M | $23.2M | S+500 bp | Nov 21, 2031 |
| S•••••• E•••••• I•• | unstated lien unstated | $19.5M | $19.6M | S+475 bp | Aug 15, 2031 |
| I•••••••• M•••••••• G•••• L•• | unstated lien unstated | $18.5M | $18.5M | S+500 bp | Aug 25, 2028 |
| O••••••••• L•• | unstated lien unstated | $18.3M | $18.4M | S+525 bp | Apr 22, 2031 |
| D••••• C•••••••• I•• | unstated lien unstated | $18.3M | $18.4M | S+450 bp | Jun 13, 2031 |
| M•• D••••• S•••••••• L•• | unstated lien unstated | $15.8M | $16.0M | S+550 bp | Feb 13, 2031 |
| I••••••••• F••••••••• | unstated lien unstated | $15.6M | $15.6M | S+500 bp | Oct 31, 2029 |
| R•••••• | unstated lien unstated | $14.7M | $14.9M | S+575 bp | Sep 3, 2030 |
| M••••••••• | unstated lien unstated | $13.7M | $13.7M | S+500 bp | Sep 15, 2027 |
| A••• S•••••• P••••••• L•• | unstated lien unstated | $13.6M | $13.7M | S+500 bp | Oct 24, 2030 |
| G••••• P••••••• H••••••• L•• | unstated lien unstated | $13.6M | $13.6M | S+450 bp | Sep 29, 2028 |
| M•••• L•• | unstated lien unstated | $12.6M | $12.7M | S+725 bp | Sep 13, 2029 |
| R••• P•••• L•• | unstated lien unstated | $12.1M | $12.1M | S+475 bp | Apr 28, 2032 |
| V•••••••• L•• | unstated lien unstated | $8.4M | $11.6M | S+500 bp | Nov 21, 2031 |
| V••• | unstated lien unstated | $11.7M | $11.6M | S+475 bp | Jan 6, 2032 |
| C•••••• E•••••••• L•• | unstated lien unstated | $11.4M | $11.5M | S+500 bp | May 1, 2031 |
| C••••••••• C••••••••• I•• | unstated lien unstated | $11.3M | $11.4M | S+500 bp | Aug 27, 2031 |
| H••••• T••••••••• S•••••• L•• | unstated lien unstated | $10.3M | $10.3M | S+575 bp | Dec 3, 2026 |
| Z••• I••••••••• P••••••• I•• | unstated lien unstated | $10.3M | $10.3M | S+550 bp | Feb 28, 2031 |
| R•• I•••••••• B•••••••• I•• | unstated lien unstated | $9.5M | $9.5M | S+475 bp | Nov 1, 2029 |
| S•••• L•• | unstated lien unstated | $9.3M | $9.3M | S+475 bp | Jan 22, 2029 |
| P•••••••• H••••• I•• | unstated lien unstated | $9.4M | $9.2M | S+325 bp PIK 3.00% | Nov 8, 2029 |
| W••• S••• A••••••• I•• | unstated lien unstated | $8.7M | $8.7M | S+450 bp | May 20, 2032 |
| A••• S•••••• P••••••• L•• | unstated lien unstated | $8.3M | $8.4M | S+500 bp | Oct 24, 2030 |
| V••••••• W••••••• L•• ••• J••••• F••••••• I••• | unstated lien unstated | $8.1M | $8.1M | S+625 bp | Nov 30, 2027 |
| T•••••••• S••••••• I•• | unstated lien unstated | $8.1M | $8.0M | S+500 bp | Jun 17, 2031 |
| C•••• G••••• | unstated lien unstated | $5.4M | $7.5M | S+575 bp | Dec 14, 2028 |
| H••• I•• | unstated lien unstated | $7.3M | $7.4M | S+625 bp | May 4, 2027 |
| H•••••• C•• B•••• L•• | unstated lien unstated | $7.2M | $7.2M | S+450 bp | Mar 29, 2032 |
| F•••••••• R••• S••••• L•• | unstated lien unstated | $7.1M | $7.1M | S+275 bp PIK 2.00% | Mar 4, 2032 |
| R•• I•••••••• B•••••••• I•• | unstated lien unstated | $7.0M | $7.0M | S+475 bp | Nov 1, 2029 |
| R••••• C•••••• M••••••••• L•• | unstated lien unstated | $6.7M | $6.8M | S+500 bp | Dec 5, 2030 |
| A•••••• E••••••••• ••• H••••••• E••••••••• S••••••• I••• | unstated lien unstated | $6.6M | $6.7M | S+550 bp | Jan 31, 2031 |
| G••••••• I•• | unstated lien unstated | $6.6M | $6.6M | S+350 bp PIK 2.25% | Jan 17, 2031 |
| R•• I•••••••• B•••••••• I•• | unstated lien unstated | $6.6M | $6.6M | S+475 bp | Nov 1, 2029 |
| I•••••• G••••• L•• | unstated lien unstated | $6.5M | $6.5M | S+500 bp | Sep 22, 2028 |
| R•• I•••••••• B•••••••• I•• | unstated lien unstated | $6.2M | $6.2M | S+475 bp | Nov 1, 2029 |
| R•••••• | unstated lien unstated | $6.1M | $6.1M | S+575 bp | Sep 3, 2030 |
| H•••••• • B••• I•• | unstated lien unstated | $6.0M | $6.0M | S+450 bp | Nov 17, 2031 |
| B•• U•• P• | unstated lien unstated | $5.9M | $5.9M | S+500 bp | Aug 31, 2028 |
| H••• I•• | unstated lien unstated | $5.8M | $5.9M | S+625 bp | May 4, 2027 |
| C•••••• G•••• •••••• N•• G••••• | unstated lien unstated | $5.8M | $5.8M | S+450 bp | Dec 1, 2029 |
| S••••••••• P••••••• I••••••••• L•• | unstated lien unstated | $5.7M | $5.8M | S+475 bp | Apr 3, 2030 |
| E•••• R•••••• S••••••• R••••• I•• | unstated lien unstated | $5.7M | $5.6M | S+450 bp | Jun 14, 2032 |
| S••••••• B••••• L•• | unstated lien unstated | $7.8M | $5.4M | S+550 bp | Jul 25, 2028 |
| H•••••• • B••• I•• | unstated lien unstated | $5.0M | $5.0M | S+475 bp | Nov 17, 2031 |
| R•••••• I••••••••• L•• | unstated lien unstated | $5.0M | $5.0M | S+550 bp | Apr 1, 2029 |
| R••••••••• C•••••• M••••••••• L• | unstated lien unstated | $5.0M | $5.0M | S+475 bp | Apr 4, 2031 |
| W••••• E••••••••• G•••• L•• | unstated lien unstated | $4.9M | $4.9M | S+500 bp | Oct 2, 2028 |
| G••••••• I•• | unstated lien unstated | $4.6M | $4.7M | S+300 bp PIK 2.25% | Jan 17, 2031 |
| M•• C•••••• M••••••••• L•• | unstated lien unstated | $4.7M | $4.7M | S+475 bp | Aug 29, 2031 |
| H••••••• H••••• I•• | unstated lien unstated | $4.4M | $4.5M | S+550 bp | Nov 5, 2029 |
| V••••• P••••••••• P•••••••• L•• | unstated lien unstated | $4.5M | $4.5M | S+575 bp | Aug 31, 2029 |
| F•••••• S••••••• C• | unstated lien unstated | $4.4M | $4.4M | S+450 bp | Aug 29, 2031 |
| F••••••••• R••• P••••••• C••• | unstated lien unstated | $4.1M | $4.2M | S+475 bp | Oct 29, 2030 |
| G•••••• I•• | unstated lien unstated | $4.4M | $4.1M | S+575 bp | Mar 9, 2029 |
| W••••••• I•• | unstated lien unstated | $7.7M | $4.1M | S+500 bp | Apr 5, 2030 |
| L••••• F•••• L•• | unstated lien unstated | $4.2M | $4.0M | S+650 bp | Oct 31, 2028 |
| S••• D••••••••• L•• | unstated lien unstated | $4.3M | $3.9M | S+600 bp | Oct 30, 2029 |
| V•••••• I••••••••• P••••••••• I•• | unstated lien unstated | $3.8M | $3.8M | S+475 bp | Jan 30, 2032 |
| A••••••• P••••••• M••••••••• I•• | unstated lien unstated | $3.8M | $3.8M | S+550 bp | Feb 25, 2028 |
| D••••• C••• A••••••• I•• | unstated lien unstated | $3.8M | $3.6M | S+640 bp | Apr 3, 2028 |
| O••••• G••••• R•••••••• L•• | unstated lien unstated | $3.5M | $3.5M | S+600 bp | Aug 17, 2027 |
| X•••• K•••••• | unstated lien unstated | $3.4M | $3.4M | S+575 bp | Apr 22, 2030 |
| A••••••••• C••• I•• | unstated lien unstated | $3.3M | $3.2M | S+275 bp PIK 3.25% | Aug 2, 2028 |
| O••••••••• L•• | unstated lien unstated | $3.2M | $3.2M | S+525 bp | Apr 22, 2031 |
| A••• S•••••• P••••••• L•• | unstated lien unstated | $3.1M | $3.1M | S+500 bp | Oct 24, 2030 |
| F••••••••• R••• P••••••• C••• | unstated lien unstated | $3.1M | $3.1M | S+475 bp | Oct 29, 2030 |
| D••••• C••• A••••••• I•• | unstated lien unstated | $3.2M | $3.0M | S+650 bp | Apr 3, 2028 |
| F••••••••• R••• P••••••• C••• | unstated lien unstated | $3.0M | $2.9M | S+475 bp | Oct 29, 2030 |
| C•••• G••••• | unstated lien unstated | $4.0M | $2.8M | S+575 bp | Mar 8, 2029 |
| O••••• G••••• R•••••••• L•• | unstated lien unstated | $2.7M | $2.7M | S+600 bp | Aug 17, 2027 |
| S••••••• B••••• L•• | unstated lien unstated | $2.6M | $2.6M | S+575 bp | Jul 25, 2028 |
| M•••• L•••• S••••••• L•• | unstated lien unstated | $2.6M | $2.6M | S+500 bp | Nov 21, 2029 |
| D••• I•••••••• H••••••• L•• | unstated lien unstated | $2.5M | $2.5M | S+525 bp | Dec 20, 2030 |
| R••••• S••••••• H••••••• I•• | unstated lien unstated | $2.4M | $2.4M | S+500 bp | Oct 1, 2029 |
| D••• I•••••••• H••••••• L•• | unstated lien unstated | $2.4M | $2.4M | S+525 bp | Dec 20, 2030 |
| L•••• L•••••••• I•• | unstated lien unstated | $2.3M | $2.4M | S+500 bp | May 6, 2030 |
| H••••••••• I•••••••• A••••• I•• | unstated lien unstated | $4.6M | $2.3M | S+475 bp | Nov 24, 2028 |
| M•• D••••• S•••••••• L•• | unstated lien unstated | $2.3M | $2.3M | S+550 bp | Feb 13, 2031 |
| H••• I•• | unstated lien unstated | $2.2M | $2.2M | S+625 bp | May 4, 2027 |
| A••••••• S•••••••• G•••• L•• | unstated lien unstated | $2.1M | $2.1M | S+525 bp | Feb 28, 2030 |
| M•• D••••• S•••••••• L•• | unstated lien unstated | $5.5M | $2.0M | S+550 bp | Feb 13, 2031 |
| D••••• C•••••••• I•• | unstated lien unstated | $3.1M | $1.9M | S+450 bp | Jun 13, 2031 |
| R••••••••• C•••••• M••••••••• L• | unstated lien unstated | $1.8M | $1.8M | S+475 bp | Apr 4, 2031 |
| A•••••• E••••••••• ••• H••••••• E••••••••• S••••••• I••• | unstated lien unstated | $1.8M | $1.8M | S+500 bp | Jan 31, 2031 |
| U••• H••••••• I•• | unstated lien unstated | $3.8M | $1.7M | S+525 bp | Sep 10, 2031 |
| S••••••• B••••• L•• | unstated lien unstated | $1.7M | $1.7M | S+575 bp | Jul 25, 2028 |
| M•••• L•••• S••••••• L•• | unstated lien unstated | $2.0M | $1.7M | S+500 bp | Nov 21, 2029 |
Page 1 of 3Next
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2025 to 2026reported
- Filings listed
- 9reported10-Q and 10-K since 2022
- Former names
- K•• E••••••• U• D••••• L•••••• F•••••reported
- Latest schedule
- 0001628280-26-056657reported
Not yet on record: mark on cost, first lien.