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R••• C•••••• C•••

Business development companymanaged by R••• C•••••• M•••••••••Listed: R•••· BUFFALO, NY

A business development company traded as R•••, managed by R••• C•••••• M•••••••••, holding $56.5M across 26 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: $56.5M
Borrowers: 26
Mark on cost: 80.4¢
First lien: 1%

Schedule of investments (95)Quarter by quarter

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

What matters now

$4.57M
on non-accrual, 3 borrowers
3 borrowers on non-accrual, $4.57M principal; the largest is A••••••••• • • ($2.28M).
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 A••••••••• • • →
$4.57M
newly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $4.57M principal: A••••••••• • • ($2.28M), 2• ($2.28M), B•• S•••••• H••••• ($0).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open A••••••••• • • →
78.8¢ → 80.4¢
book mark on cost
Marked its book up from 78.8¢ to 80.4¢ 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 →
23 → 25
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 81955 · file 814-00235Show

Fair value

$56.5M

as of Jun 30, 2026

Principal held

$49.2M

debt pieces, the filer's figure

Cost

$67.5M

80c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

26 borrowers

First lien

79% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

0 sponsors financed

Portfolio through time

Fair value by quarter end$80.7M as of Jun 30, 2026

Dec 31, 2021$129M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$80.7M	26	80c	25	325 bp
Mar 31, 2026	$76.5M	25	79c	23	325 bp
Dec 31, 2025	$85.3M	29	80c	29	n/a
Sep 30, 2025	$63.1M	23	82c	30	n/a

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$79.6M	23	90c	27	n/a
Mar 31, 2025	$417M	26	91c	29	n/a
Dec 31, 2024	$541M	34	93c	37	n/a
Sep 30, 2024	$471M	28	100c	32	n/a
Jun 30, 2024	$546M	29	100c	28	n/a
Mar 31, 2024	$511M	32	100c	26	n/a
Dec 31, 2023	$509M	38	100c	22	n/a
Sep 30, 2023	$473M	34	100c	15	n/a
Jun 30, 2023	$259M	35	100c	13	n/a
Mar 31, 2023	$265M	35	100c	13	n/a
Dec 31, 2022	$394M	35	100c	12	n/a
Dec 31, 2021	$129M	11	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Mar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New borrower on a BDC scheduleDec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
PIK interest increasedDec 31, 2025
••• Locked
PIK interest increasedDec 31, 2025
••• Locked
New borrower on a BDC scheduleDec 31, 2025
••• Locked
Maturity extended (observed)Dec 31, 2025
••• Locked
PIK interest increasedSep 30, 2025
••• Locked
PIK interest appearsSep 30, 2025
••• Locked
PIK interest appearsSep 30, 2025
••• Locked
New borrower on a BDC scheduleSep 30, 2025
••• Locked
Marked down (one lender)Jun 30, 2025
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

I•• A••••••••• notes
1 BDC hold it · matures Jun 21, 2026
$6.8M 43c
A•• H••••• notes
1 BDC hold it · matures Feb 11, 2031
$6.0M 200c
F•••••• H••••••••• L•• notes
1 BDC hold it · matures Apr 27, 2031
$4.5M 104c
F•• I••••••••• H••••• L•• • ••• notes
1 BDC hold it · matures Jul 31, 2033
$3.8M 100c
C••••• unsecured or subordinated notes
1 BDC hold it · matures Jul 2, 2027
$3.5M 100c
I••••••••• E••••••••• A••••• L•• • • notes
1 BDC hold it · matures Apr 4, 2028
$3.3M 200c
B•••• S•••• M•••• a•• F••••••••• L•• • • notes
1 BDC hold it · matures Oct 24, 2030
$3.3M 200c
M••••••• R••••••• E•••••••• S•••••••• • • notes
1 BDC hold it · matures Jan 16, 2029
$3.0M 60c
H••••••• A•• A•••• P••••• H••••••• notes
1 BDC hold it · matures Aug 7, 2028
$3.0M 100c
M••••• R• H••••••• L•• notes
1 BDC hold it · matures Oct 2, 2029
$2.5M 200c
A••••••••• • • notes
1 BDC hold it · matures Mar 31, 2027
$2.3M 69c
2• notes
1 BDC hold it · matures Jun 30, 2026
$2.3M n/a

Schedule of investments at Mar 31, 2023

139 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T•••• I••••••••• • 1•••••	unstated lien unstated	Not disclosed	$68.2M 112c
S••••••• A•••••••• I•••••••••	unstated lien unstated	Not disclosed	$43.7M 123c
S••••••• N••••••••• I•••••••••	unstated lien unstated	Not disclosed	$20.9M 101c
T••••• T••••••••• M••••••••• I•••	unstated lien unstated	Not disclosed	$10.6M 340c
S••••••••	unstated lien unstated	Not disclosed	$5.9M 100c
S•••••	unstated lien unstated	Not disclosed	$5.2M 100c
S•••••• I•••	unstated lien unstated	Not disclosed	$5.2M
B•• F••• S•••••• S•••••	unstated lien unstated	Not disclosed	$5.2M 100c
D••	unstated lien unstated	Not disclosed	$5.1M 121c
B•• F••• S•••••• S••••• H•••••• L•• • 4• 8••• 0•• T•••	notes lien unstated	Not disclosed	$4.8M 100c	12.00%	Nov 22, 2027
T••••• T••••••••• M••••••••• I••• • •••• 0••	preferred equity equity	Not disclosed	$4.6M 760c
S•••••••• B•••••••• C••••••••• • 4• 1••• 4•• T•••	notes lien unstated	Not disclosed	$4.2M 100c	12.00% PIK 2.00%	Jan 19, 2026
A•• A•••••••• I••	equity equity	Not disclosed	$4.0M 4624c
C•••••• I•••	unstated lien unstated	Not disclosed	$4.0M 100c
S••••••• C•••••• I•••••••••	unstated lien unstated	Not disclosed	$3.6M 76c
I•• A••••••••• L••	unstated lien unstated	Not disclosed	$3.6M 76c
D•• O••••••••• L•• • 3• 0••• 2•• T•••	notes lien unstated	Not disclosed	$3.2M 100c	12.00% PIK 2.00%	Sep 30, 2026
F•••••••••	unstated lien unstated	Not disclosed	$3.1M 89c
P••••••• P••	unstated lien unstated	Not disclosed	$3.0M
P••••••• P••• I••• • •• 0••• 0•• T•••	notes lien unstated	Not disclosed	$3.0M 100c	12.00% PIK 3.00%	Jan 19, 2028
F••••••••• A••••••••• U••• L•• D•• A••••••••• • •• 2••• 7•• T•••	notes lien unstated	Not disclosed	$2.7M 100c		Dec 4, 2023
T••••• T••••••••• M••••••••• I••• • ••• 1••	preferred equity equity	Not disclosed	$2.7M 333c
N••••••••• I••• • •• 2••• 0••	notes unsecured or subordinated	Not disclosed	$2.3M 100c	9.00%	Nov 23, 2024
N••••••••• I•••	unstated lien unstated	Not disclosed	$2.3M 100c
S•••••• I••• • •• 0••• 0••	notes unsecured or subordinated	Not disclosed	$2.1M 100c	12.00%	Aug 20, 2024
S•••••• I••• • •• 0••• 0•• S••••• A•••••• a•• R••••••• S••••••	notes unsecured or subordinated	$2.1M	$2.1M	12.00%	Aug 20, 2024
I•• A••••••••• L•• • •• 9••• 0•• T•••	notes lien unstated	Not disclosed	$2.0M 100c	12.00% PIK 5.00%	Jun 21, 2026
C••••••• S•••• L•• • 6••••••	equity equity	Not disclosed	$2.0M 13047c
D•• O••••••••• L•• • 1• 0••	preferred equity equity	Not disclosed	$2.0M 183c
M••••••• A••••• H••••••• L••• • •• 7••• 9•• T•••• A••••••• R••••••• a•• C••••••••• P•••••••••	notes lien unstated	$1.8M	$1.9M 100c	12.00% PIK 2.00%	Jan 31, 2024
C•••••• I••• • 1• 7••• 0••	notes unsecured or subordinated	$1.8M	$1.8M 100c	12.00% PIK 2.00%	Jun 1, 2026
B•• S••••••	unstated lien unstated	Not disclosed	$1.8M 100c
A•••••• I••••• I••• • •• 7••• 0•• T•••	notes lien unstated	Not disclosed	$1.8M 100c	10.00%	Feb 1, 2029
A•••••• I••••	unstated lien unstated	Not disclosed	$1.8M 100c
B•• S•••••• H•••••• L•• • •• 6••• 0•• T•••	notes lien unstated	Not disclosed	$1.6M 100c	12.00%	May 31, 2028
I•• A••••••••• L•• • •• 5••• 0•• T•••	notes lien unstated	Not disclosed	$1.6M 100c	12.00% PIK 5.00%	Jun 21, 2026
S•••••• I••• • 1••• 5••	preferred equity equity	Not disclosed	$1.5M 100c
S•••••••• B•••••••• C••••••••• • •• 4••• 4•• T•••	notes lien unstated	Not disclosed	$1.4M 100c	12.00% PIK 2.00%	Jan 19, 2026
G•••••••• I•••	unstated lien unstated	Not disclosed	$1.4M 100c
G•••••••• I••• • 1• 5••• 0••	notes lien unstated	$1.5M	$1.4M 100c	12.00% PIK 1.00%	Sep 15, 2026
O••• E•••••••	unstated lien unstated	Not disclosed	$1.4M 100c
O••• E•••••••• I•• • 3••• 8••	preferred equity equity	Not disclosed	$1.2M 100c
C•••••• S•••••• L•••••• I•••	equity equity	Not disclosed	$1.2M 131c
H•• A••••••••• L•• • 1• 2••• 1••	term loan lien unstated	$1.2M	$1.0M 100c	12.00% PIK 2.00%	Jun 30, 2025
P••••••••• I••••••••• C•••••••••	equity equity	Not disclosed	$1.0M 115c
F• K•• C•••••• C••••	equity equity	Not disclosed	$883,360 117c
T••••• T••••••••• M••••••••• I••• • 2•• 0••	preferred equity equity	Not disclosed	$876,800 117c
T••••• T••••••••• M••••••••• I••• • ••• 3••	preferred equity equity	Not disclosed	$812,800 406c
T••••• T••••••••• M••••••••• I•••	equity equity	Not disclosed	$800,000
L•••••• • •••• 0•• R••••••••• T•••	notes lien unstated	$850,000	$789,944 100c	14.00%	Dec 1, 2025
T••••• T••••••••• M••••••••• I••• • ••• 3••	preferred equity equity	Not disclosed	$584,500 117c
S•••••• I••• • 2••• 2••	preferred equity equity	Not disclosed	$504,710 100c
S•••••• I••• • 3••• 6••	preferred equity equity	Not disclosed	$399,274 100c
B•• F••• S•••••• S••••• H•••••• L••	preferred equity equity	Not disclosed	$390,000 100c
A••• C•••••• C•••••••••	equity equity	Not disclosed	$380,100 142c
B•••••• B••• I•••	equity equity	Not disclosed	$313,600 94c
F••••••••• A••••••••• U••• L•• D•• A••••••••• • 6•••• s•••••	equity equity	Not disclosed	$256,994 41c
1•••••• S••••• B• C••••••••• P••••••••	preferred equity equity	Not disclosed	$250,000 100c
S•••••• I••• • 1••• 0••	preferred equity equity	Not disclosed	$250,000 100c
S•••••• I••• • 1••• 3••	preferred equity equity	Not disclosed	$250,000
T••••• T••••••••• M••••••••• I••• • 2••	equity equity	Not disclosed	$250,000 100c
B•• S•••••• H•••••• L•• • P••••••••	equity equity	Not disclosed	$233,333 100c
O••• E•••••••• I•• • 3••• 8•• C•••••	unstated lien unstated	Not disclosed	$208,243 100c
S•••••••• B•••••••• C••••••••• • 5•••	equity equity	Not disclosed	$194,000 100c
S•••••• I••• • 1••• 6••	preferred equity equity	Not disclosed	$175,000 100c
C•••••• I••• • 1••	equity equity	Not disclosed	$150,000 100c
F••••••••• A••••••••• U••• L•• D•• A••••••••• ••••• s•••••	equity equity	Not disclosed	$139,232 100c
S••••••• G•• T••••••••• C••••••• L••	equity equity	Not disclosed	$125,000 17c
K••• S•••••••• I••• • 1• 8••• 9••	preferred equity equity	Not disclosed	$100,000 21c
O••••• G••• T••••••••• I•••	preferred equity equity	Not disclosed	$100,000
P••••••••• T••••••••• I••• • 3••• 0••	preferred equity equity	Not disclosed	$100,000 29c
K•••	unstated lien unstated	Not disclosed	$100,000 8c
S•••••• I•••	preferred equity equity	Not disclosed	$45,000 100c
P••••••• P••• I•••	warrants equity	Not disclosed	$30,000 100c
S•••••••• B•••••••• C•••••••••	warrants equity	Not disclosed	$25,000 100c
G•••••••• I•••	preferred equity equity	Not disclosed	$38 100c
G•••••••• I•••	preferred equity equity	Not disclosed	$25 100c
C•••••• a•• A•••••••• I•••••••••	unstated lien unstated	Not disclosed	Not disclosed
T••••• T••••••••• M••••••••• I••• • 7•• 1••	preferred equity equity	Not disclosed	Not disclosed
N••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• I••••••••• • 6••• o• n•• a•••••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• I••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
F••••••••• A••••••••• U••• L•• D•• A••••••••• • •• 2••• 7•• T•••	notes lien unstated	Not disclosed	Not disclosed	6.00% PIK 8.00%	Nov 30, 2023
N•• a•••••	unstated lien unstated	Not disclosed	Not disclosed
P••••••• P••• I•••	unstated lien unstated	Not disclosed	Not disclosed n/a
K••• S•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
R••••••• I••• • 5•• 5•• C•••••	unstated lien unstated	Not disclosed	Not disclosed
T••••• T••••••••• M••••••••• I•••	equity equity	Not disclosed	Not disclosed
B•• S•••••• H•••••• L•• • •• 6••• 0•• T•••	notes lien unstated	Not disclosed	Not disclosed	12.00%	May 31, 2028
F••••••••• A••••••••• U••• L•• D•• A••••••••• • •• 2••• 7•• T•••	notes lien unstated	Not disclosed	Not disclosed	3.00% PIK 11.00%	Jun 30, 2023
A•••••• I••••• I••• • •• 7••• 0•• T•••	notes lien unstated	Not disclosed	Not disclosed	10.00%	Feb 1, 2029
D•• O••••••••• L•• • 1• 0••	equity equity	Not disclosed	Not disclosed
F••••••••• A••••••••• U••• L•• • 6•••• s•••••	equity equity	Not disclosed	Not disclosed
M•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed n/a
N•• A••••• • 1•••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• I••••• I•••	warrants equity	Not disclosed	Not disclosed
B•• S•••••• H•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F••••••••• A••••••••• U••• L•• • 2• 2••• 7•• T•••	notes lien unstated	Not disclosed	Not disclosed
I•• A••••••••• L•• • 1• 1••	preferred equity equity	Not disclosed	Not disclosed n/a
I•• A••••••••• L•• • 1• 9••	equity equity	Not disclosed	Not disclosed

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Registration

Fiscal year end: 1231reported
Incorporated: NYreported
On the SEC BDC report: 2012 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-333983reported