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T•• D••••• L•••••• V••• L••
A non-traded business development company, managed by T•• A•••• M••••••••• C•••••• L••, holding $732M across 41 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
- $732M
- Borrowers
- 41
- Mark on cost
- 112.1¢
- First lien
- 3%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
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
- 3 below 80¢$48.9M principal
3 positions across 3 borrowers marked below 80¢ on cost, $48.9M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 7 → 9loans paying in kind
Loans paying in kind rose from 7 to 9 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.
- $1.2B → $732Mfair value, 4 quarters
Its portfolio shrank 41% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1825265 · file 814-01420ShowHide
Fair value
$732M
as of Jun 30, 2026
Principal held
$655M
debt pieces, the filer's figure
Cost
$653M
112c on cost
Unfunded
Not disclosed
commitments not yet drawn
Positions
79
41 borrowers
First lien
3%
88% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
58
10 sponsors financed
Portfolio through timeHow each quarter is readEach quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Fair value by quarter end$732M as of Jun 30, 2026
Dec 31, 2022$1.6B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $732M | 41 | 96c | 9 | 741 bp |
| Mar 31, 2026 | $1.3B | 38 | 97c | 7 | 714 bp |
| Dec 31, 2025 | $1.3B | 40 | 96c | 8 | 738 bp |
| Sep 30, 2025 | $1.3B | 37 | 97c | 9 | 740 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.2B | 39 | 97c | 7 | 746 bp |
| Mar 31, 2025 | $5.7B | 41 | 99c | 10 | 712 bp |
| Dec 31, 2024 | $30B | 37 | 92c | 11 | 734 bp |
| Sep 30, 2024 | $43B | 37 | 99c | 8 | 726 bp |
| Jun 30, 2024 | $5.0B | 37 | 100c | 6 | 734 bp |
| Mar 31, 2024 | $3.5B | 34 | 100c | 7 | 737 bp |
| Dec 31, 2023 | $3.3B | 32 | 101c | 8 | 731 bp |
| Sep 30, 2023 | $3.0B | 29 | 100c | 4 | 728 bp |
| Jun 30, 2023 | $2.9B | 27 | 100c | 5 | 751 bp |
| Mar 31, 2023 | $2263B | 19 | 78c | 2 | 751 bp |
| Dec 31, 2022 | $1.6B | 16 | 100c | 1 | 735 bp |
Sponsors financedHow sponsors are countedCounted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New borrower on a BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
Largest facilities held, with co-lenders
- T•• H• C••••••••• I•• term loan3 BDCs hold it · matures Aug 1, 2028$31.3M 92c
- E•••••• M•••• S••••• B•••••••• L•• term loan3 BDCs hold it · matures Jan 6, 2031 · possible sponsor W••••••••• C••••••• L•••$30.2M 100c
- L•••• H••••••• U• A••••••••• C• term loan3 BDCs hold it · matures Aug 5, 2030$28.9M 101c
- D• • D• B•••• L•• term loan3 BDCs hold it · matures Oct 4, 2029 · possible sponsor P••••••••• E••••• P••••••• L•••••$28.6M 102c
- C•••••• A••••••••• L•• first lien term loan6 BDCs hold it · matures Oct 11, 2029$26.6M 93c
- A•••• I••••••••• L•• term loan3 BDCs hold it · matures Mar 24, 2031$26.5M 101c
- M••••••• S••••••• C••••••••• term loan3 BDCs hold it · matures Mar 14, 2030 · possible sponsor S•• I••••• C••••••$26.0M 100c
- V••• 5• G••••• L•• term loan3 BDCs hold it · matures May 21, 2030$24.7M 100c
- T•• V•••••• S•••••• L•• term loan3 BDCs hold it · matures Mar 23, 2031 · possible sponsor K•••••••• C•••••• M••••••••• L•••$24.3M 100c
- A••••• L•• term loan3 BDCs hold it · matures Dec 31, 2030$24.3M 101c
- S•••••••• B•••••• L•• term loan3 BDCs hold it · matures May 4, 2028$22.9M 66c
- C•• E••••••••• L•• term loan3 BDCs hold it · matures Sep 26, 2030$22.8M 99c
Schedule of investments at Jun 30, 2026
79 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| E•••••••• L••• L•• | equity equity | Not disclosed | $40.6M | ||
| E•••••••• L••• L•• E••••• E•••••••• & Services | equity equity | Not disclosed | $40.6M 29963c | ||
| E•••••• M•••• S••••• B•••••••• L•• B••••••• P••••••• | term loan lien unstated | $30.2M | $29.8M 100c | SOFR+600 bp | Jan 6, 2031 |
| L•••• H••••••• U• A••••••••• C•• L•••••• P••••••• | term loan lien unstated | $28.9M | $28.9M 101c | SOFR+550 bp | Aug 5, 2030 |
| D•• B••••• L•• S•••••••• R••••• | term loan lien unstated | $28.6M | $28.9M 102c | SOFR+575 bp | Oct 4, 2029 |
| A•••• I••••••••• L•• •••• C••••••••• Services & S••••••• | term loan lien unstated | $26.5M | $26.3M 101c | SOFR+625 bp | Mar 24, 2031 |
| M••••••• S••••••• C••••••••• M••••• & M••••• | term loan lien unstated | $26.0M | $25.5M 100c | SOFR+625 bp | Mar 14, 2030 |
| C••••••••• L•• H••••• C••• E•••••••• & S••••••• | term loan first lien | $26.6M | $24.5M 93c | SOFR+675 bp PIK 4.00% | Oct 11, 2029 |
| V••• 5• G••••• L•• P••••••• C••• P••••••• | term loan lien unstated | $24.7M | $24.3M 100c | SOFR+650 bp | May 21, 2030 |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $24.3M | $24.1M 101c | SOFR+575 bp | Dec 31, 2030 |
All 79 positionsShow fewerlargest fair value first
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•• V•••••• S•••••• L•• P••••••• C••• P••••••• | term loan lien unstated | $24.3M | $23.9M 100c | SOFR+625 bp | Mar 23, 2031 |
| C•• E••••••••• L•• H•••••, R••••••••• & L•••••• | term loan lien unstated | $22.8M | $22.0M 99c | SOFR+600 bp | Sep 26, 2030 |
| C••••••••• I••• I••••••••• T••••••••• Services | term loan lien unstated | $18.7M | $18.6M 100c | SOFR+700 bp | May 9, 2027 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $19.7M | $17.9M 92c | SOFR+850 bp PIK 1.00% | Aug 1, 2028 |
| H••••••••• M••••••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $18.1M | $17.4M 99c | SOFR+1100 bp | Apr 30, 2031 |
| H••••••••• M••••••••• L•• | term loan lien unstated | Not disclosed | $17.4M | 14.93% | Apr 30, 2031 |
| P•••• A••••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $17.4M | $16.7M 98c | SOFR+700 bp | Jan 22, 2030 |
| B•••••• N•••• A••••••• I••• F••• P••••••• | term loan lien unstated | $16.2M | $16.2M 101c | SOFR+650 bp | May 31, 2028 |
| L•••• H•••••••• I••• H•••••••• D••••••• | term loan lien unstated | $15.8M | $15.8M 100c | SOFR+875 bp | Dec 31, 2026 |
| F•••••• H••••• E•••••••• G••••• I••• S•••••••• R••••• | term loan lien unstated | $15.5M | $15.5M 100c | SOFR+700 bp | Feb 1, 2028 |
| A•••••• I••• P••••••••• Services | term loan lien unstated | $15.1M | $15.1M 100c | SOFR+688 bp | Dec 21, 2027 |
| R•• P••••••••• I••• G••••• T••••••••• | term loan lien unstated | $13.3M | $13.3M 101c | SOFR+625 bp | Sep 11, 2028 |
| F•••• I••••••••• L•• A••••••••• C••••••••• | term loan lien unstated | $14.6M | $13.2M 92c | SOFR+700 bp | Mar 28, 2029 |
| P••••• L•••••••• o• A••••••• L•• P•••• & F••••• P••••••• | term loan lien unstated | $11.8M | $11.4M 98c | SOFR+700 bp PIK 0.50% | Nov 22, 2029 |
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $18.9M | $10.9M 58c | SOFR+950 bp PIK 3.00% | May 4, 2028 |
| C• N••••• I••• S••••••• | term loan lien unstated | $10.8M | $10.8M 101c | SOFR+600 bp | Dec 10, 2029 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $11.6M | $10.5M 92c | SOFR+850 bp PIK 1.00% | Aug 1, 2028 |
| H••••••••• G••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $10.1M | $10.0M 100c | SOFR+500 bp | May 24, 2028 |
| C• B••••• L•• T••••••••• I••••••••• | term loan lien unstated | $9.9M | $9.9M 101c | SOFR+600 bp | Jul 19, 2028 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | term loan lien unstated | $10.0M | $9.8M 101c | SOFR+875 bp | Dec 31, 2027 |
| H••••••••• L••••••••• L•• 5•• A•••••••• | term loan lien unstated | Not disclosed | $9.8M | S+875 bp | Dec 31, 2027 |
| C••••••••• L•• T•••••• Companies & D••••••••• | term loan lien unstated | $10.0M | $9.6M 100c | SOFR+250 bp | Jul 31, 2030 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & E••••••••• | term loan lien unstated | $9.4M | $9.5M 102c | SOFR+700 bp | Jun 16, 2028 |
| F••• S••• B••••• I••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $9.8M | $9.2M 95c | SOFR+900 bp PIK 2.00% | Feb 23, 2028 |
| H••••••••• G••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $9.1M | $9.0M 100c | SOFR+500 bp | May 24, 2028 |
| H• C••• E••••••••• L•• C••••••• D••••••• & A•••••• | term loan lien unstated | $9.1M | $9.0M 99c | SOFR+800 bp | Apr 21, 2031 |
| M••• A•••• I••• M•••••••• | term loan lien unstated | $13.5M | $8.4M 63c | SOFR+875 bp PIK 5.75% | Jun 16, 2028 |
| H•••• S••••• I••• C••••••• D••••••••• | term loan lien unstated | $8.2M | $8.1M 101c | SOFR+550 bp | Nov 7, 2030 |
| T••••• T•••• B••••• L•• M•••••••• | term loan lien unstated | $7.0M | $6.6M 94c | SOFR+700 bp | Oct 3, 2026 |
| R•• R•••• I••••••••• I••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $5.7M | $5.7M 100c | SOFR+750 bp | Sep 3, 2027 |
| C• N••••• I••• S••••••• | term loan lien unstated | $4.9M | $5.0M 102c | SOFR+625 bp | Dec 10, 2029 |
| S•• P••••• H•••••••• L•• A••••••••• C••••••••• | equity equity | Not disclosed | $4.5M 53c | ||
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $16.4M | $4.4M 31c | SOFR+900 bp | Dec 9, 2027 |
| S••••••• I••••••••• I••••••••• I••• A••••••••• C••••••••• | term loan lien unstated | $4.2M | $4.1M 98c | SOFR+1000 bp | Dec 8, 2030 |
| R•• P••••••••• I••• G••••• T••••••••• | delayed draw term loan lien unstated | $4.1M | $4.1M 100c | SOFR+625 bp | Sep 11, 2028 |
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $4.0M | $4.0M 102c | S+950 bp PIK 17.50% | May 4, 2028 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & E••••••••• | delayed draw term loan lien unstated | $3.9M | $3.9M 101c | SOFR+700 bp | Jun 16, 2028 |
| D•• B••••• L•• S•••••••• R••••• | delayed draw term loan lien unstated | $3.9M | $3.9M 100c | SOFR+575 bp | Oct 4, 2029 |
| V••• 5• G••••• L•• P••••••• C••• P••••••• | revolver lien unstated | $3.1M | $3.1M 98c | SOFR+650 bp | May 21, 2030 |
| H••••••••• M••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | $2.9M | S+1100 bp | Apr 30, 2031 |
| H••••••••• M••••••••• L•• Oil, Gas & C••••••••• F•••• | delayed draw term loan lien unstated | $3.1M | $2.9M 97c | SOFR+1100 bp | Apr 30, 2031 |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $2.7M | $2.6M 111c | SOFR+1000 bp | Dec 9, 2027 |
| H••••••••• M••••••••• L•• B••••• | term loan lien unstated | Not disclosed | $1.3M | 14.43% | Apr 30, 2031 |
| H••••••••• M••••••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $1.4M | $1.3M 101c | SOFR+1050 bp | Apr 30, 2031 |
| P•••• A••••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $1.3M | $1.3M 97c | SOFR+700 bp | Jan 22, 2030 |
| S•••••••• B•••••• L•• F••• P••••••• | delayed draw term loan lien unstated | $1.0M | $1.0M 101c | SOFR+650 bp | May 4, 2028 |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | revolver lien unstated | $1.0M | $1.0M 99c | SOFR+575 bp | Dec 31, 2030 |
| P••••• L•••••••• o• A••••••• L•• P•••• & F••••• P••••••• | revolver lien unstated | $936,764 | $899,294 96c | SOFR+700 bp | Nov 29, 2029 |
| F•••• I••••••••• L•• A••••••••• C••••••••• | delayed draw term loan lien unstated | $873,239 | $792,901 91c | SOFR+700 bp | Mar 28, 2029 |
| C• N••••• I••• S••••••• | revolver lien unstated | $750,504 | $749,002 100c | SOFR+600 bp | Dec 10, 2029 |
| R•• R•••• I••••••••• I••• H•••••, R••••••••• & L•••••• | revolver lien unstated | $613,974 | $613,360 100c | SOFR+750 bp | Sep 3, 2027 |
| H••••••••• M••••••••• L•• | revolver lien unstated | Not disclosed | $391,382 | S+1050 bp | Apr 30, 2031 |
| H••••••••• M••••••••• L•• Oil, Gas & C••••••••• F•••• | revolver lien unstated | $407,265 | $391,382 96c | SOFR+1050 bp | Apr 30, 2031 |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | delayed draw term loan lien unstated | $385,552 | $380,154 109c | SOFR+1000 bp | Dec 9, 2027 |
| F••• S••• B••••• I••• H•••••, R••••••••• & L•••••• | delayed draw term loan lien unstated | $352,979 | $352,273 100c | SOFR+900 bp PIK 2.00% | Feb 23, 2028 |
| H••••••••• H•••••••• L•• Oil, Gas & C••••••••• F•••• | warrants equity | Not disclosed | $318,677 | Apr 30, 2036 | |
| H••••••••• H•••••••• L•• | warrants equity | Not disclosed | $318,676 | Apr 30, 2036 | |
| C• B••••• L•• T••••••••• I••••••••• | delayed draw term loan lien unstated | $215,431 | $215,431 100c | SOFR+600 bp | Jul 19, 2028 |
| C••••••••• L•• T•••••• Companies & D••••••••• | warrants equity | Not disclosed | $150,496 80c | Jul 31, 2035 | |
| C••• I••••••••• H••••••• L•• C••••••••• Services & S••••••• | warrants equity | Not disclosed | $57,195 | Mar 1, 2032 | |
| H••••••••• L••••••••• L•• | revolver lien unstated | Not disclosed | $0 | S+875 bp | Apr 30, 2026 |
| H••••••••• L••••••••• L•• | term loan lien unstated | Not disclosed | $0 | S+875 bp | Apr 30, 2026 |
| H••••••••• L••••••••• L•• 3•• A•••••••• | term loan lien unstated | Not disclosed | $0 | S+875 bp | Apr 4, 2029 |
| H•• E•••••• L•• Oil, Gas & C••••••••• F•••• | term loan lien unstated | $3.5M | Not disclosed n/a | SOFR+1000 bp | Dec 9, 2027 |
| A•••••••• F••• V•••• o• T•••• S••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | Dec 31, 2030 |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | Dec 31, 2030 |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | Dec 31, 2030 |
| A••••• L•• •• H••• F••••••• H•••••, R••••••••• & L•••••• | term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | Dec 31, 2030 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-346657reported