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B•••••• C•••••• I••••••••• C•••

Business development companymanaged by B•••••• L••Non-traded· CHARLOTTE, NC

A non-traded business development company, managed by B•••••• L••, holding $1.4B across 321 borrowers at Jun 30, 2026.

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

Fair value
$1.4B
Schedule of investments, 10-Q and 10-K
Borrowers
321
Schedule of investments, 10-Q and 10-K
Mark on cost
99.2¢
Schedule of investments, 10-Q and 10-K
First lien
72%
Schedule of investments, 10-Q and 10-K
Schedule of investments (789)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $22.1M
    on non-accrual, 9 borrowers

    9 borrowers on non-accrual, $22.1M principal; the largest is B••••• G•••• ($5.42M).

    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 B••••• G•••• →
  2. $3M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $3M principal: S••••• A••••• I•• ($2.18M), T••• A•• D••••••••• L•• ($812K).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open S••••• A••••• I•• →
  3. 19 below 80¢
    $34.9M principal

    19 positions across 15 borrowers marked below 80¢ on cost, $34.9M principal.

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

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 0 → 56
    loans paying in kind

    Loans paying in kind rose from 0 to 56 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 →
  5. 1 → 321
    borrowers

    Added a net 320 borrowers in the quarter to Jun 30, 2026, to 321.

    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 1811972 · file 814-01348Show
Fair value
$1.4B
as of Jun 30, 2026
Principal held
$1.1B
debt pieces, the filer's figure
Cost
$1.4B
99c on cost
Unfunded
$140M
commitments not yet drawn
Positions
789
321 borrowers
First lien
72%
81% debt by fair value
Quarters on the tape
16
since Dec 31, 2021
Facilities held
708
43 sponsors financed
Portfolio through time
Fair value by quarter end$1.4B as of Jun 30, 2026
Jul 8, 2021$53.3M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.4B32198c56529 bp
May 27, 2026$5.0M1n/a0n/a
Mar 31, 2026$1.3B30798c59533 bp
Dec 31, 2025$2.7B34999c113537 bp
All 21 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Sep 30, 2025$1.4B30499c65537 bp
Jun 30, 2025$1.4B290100c62545 bp
Mar 31, 2025$1.4B27998c61554 bp
Dec 31, 2024$1.5B33997c59566 bp
Sep 30, 2024$1.6B27599c58576 bp
Jun 30, 2024$1.5B26798c58582 bp
Mar 31, 2024$1.6B26699c58586 bp
Dec 31, 2023$1.8B29499c55587 bp
Sep 30, 2023$1.5B25297c47588 bp
Jun 30, 2023$1.5B24497c36586 bp
Mar 31, 2023$1.5B24497c33587 bp
Dec 31, 2022$1.8B26497c29581 bp
Aug 12, 2022$11.2M1n/a0n/a
Dec 31, 2021$221M4n/a0725 bp
Jul 8, 2021$53.3M1n/a0n/a
May 31, 2021Not disclosed1n/a0n/a
Apr 28, 2020Not disclosed1n/a0n/a
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 Jun 30, 2026
789 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E•••••• B••••••• C••••••• L••equity equityNot disclosed$68.9M
150c
R••••• H••••••• L••preferred equity equityNot disclosed$64.2M
100c
S+600 bp
PIK 9.70%
P••••• S••••••• C••••••• L••term loan first lien$23.2M$20.9M
91c
S+600 bp
PIK 4.00%
K•• D••••• H•••••••• L••term loan first lien$18.2M$18.2M
101c
S+425 bp
S•••• B•••• L••term loan lien unstated$17.0M$16.9M
100c
S+475 bp
B•••• P••••••• L•unstated lien unstatedNot disclosed$14.7M
101c
B•••• P••••••• L•equity equityNot disclosed$14.7M
100c
V• S•••• I••••••••• I• L••term loan first lien$14.0M$13.6M
100c
S+500 bp
PIK 4.40%
C••••••• • G•••••• L••term loan first lien$13.2M$13.2M
101c
S+475 bp
R••••• H•••••••• I•••term loan first lien$12.9M$12.7M
101c
S+500 bp
All 789 positions100 on this page; the pager has the rest
BorrowerInstrumentPrincipalFair valueRateMaturity
S••• B••••• L•••term loan first lien$13.1M$12.7M
98c
S+625 bp
F• H••• I••••••••• H•••••••• I••• ••••• F••••••• T••••••••• I••••term loan first lien$12.3M$12.3M
100c
S+450 bp
P•••••• C•••••••••term loan first lien$12.3M$12.1M
99c
S+450 bp
C••• U••••••• G•••term loan first lien$12.4M$12.1M
97c
S+650 bp
PIK 0.30%
T•••••• M••••••• S••••••• I•••term loan first lien$13.9M$11.9M
86c
S+550 bp
PIK 2.00%
V•••• B••••• L••term loan first lien$11.6M$11.5M
100c
S+450 bp
P•••••• F•••••••• B•••••• L••term loan first lien$11.4M$11.3M
99c
S+575 bp
G• E•••• B••••• I•••term loan first lien$11.1M$11.1M
101c
S+475 bp
D••••term loan first lien$11.0M$11.0M
100c
S+475 bp
U•• A•••••••• I•••term loan first lien$10.9M$10.9M
101c
S+475 bp
L••••••••• L••term loan first lien$10.5M$10.5M
100c
S+450 bp
A•• I• M•• H••••••• I•••term loan first lien$10.4M$10.3M
100c
S+475 bp
S•••••••• H•••••••• I•••preferred equity equityNot disclosed$10.3M
84c
PIK 12.50%
C•••••• M••••• H•••••••• L••equity equityNot disclosed$10.3M
125c
R•• S•••••••• L••term loan first lien$11.1M$10.0M
91c
S+525 bp
P•••• P•••• S••••••••• L•• • S••••• L••• S••••• S•••••• T•••term loan second lien$10.0M$9.8M
100c
S+550 bp
A•••••• A•••••••• C•••••••••term loan first lien$9.4M$9.3M
100c
S+475 bp
S••• P••••••••• I•••term loan first lien$8.9M$8.8M
100c
S+450 bp
R•• C•••••••••term loan first lien$8.9M$8.8M
100c
S+550 bp
S••••••••• G••••• I•••term loan first lien$8.5M$8.5M
102c
S+500 bp
B•••••• A•••••••• G•••• H•••••••• L••preferred equity equityNot disclosed$8.5M
91c
PIK 7.00%
X••••••• B•••• L••••••term loan first lien$8.3M$8.3M
107c
S+625 bp
V••••••• B•••• L••••••term loan first lien$8.6M$8.2M
96c
S+650 bp
C•••••• M••••• H•••••••• L••term loan unsecured or subordinated$8.3M$8.0M
101c
8.00%
B••••••••• I•••term loan first lien$7.8M$7.8M
100c
S+475 bp
B•• H••••••• I• C•••term loan first lien$9.9M$7.7M
81c
S+785 bp
C• G•••• H•••••••• L••term loan first lien$7.7M$7.7M
100c
S+450 bp
P••••••••• S•••••••• H•••••••• L••term loan first lien$7.6M$7.6M
101c
S+425 bp
T•••••••• S••••••••• I•••term loan first lien$7.7M$7.5M
99c
S+600 bp
A••••••••• H•••••• G•••term loan first lien$7.5M$7.4M
103c
S+558 bp
R••••••••• P••••• H•••••••• L••term loan first lien$7.4M$7.4M
101c
S+500 bp
N••• B•••• P•• L••term loan first lien$7.2M$7.2M
97c
S+500 bp
F••••••••• L••term loan first lien$7.2M$7.2M
100c
S+575 bp
F••• S••• H•••••• L••term loan second lien$7.1M$7.1M
101c
S+725 bp
A••••••••term loan first lien$7.8M$7.0M
93c
S+400 bp
P•••••••• M•••••notes lien unstated$7.0M$6.9M
99c
11.40%
H••••• L••• L•••••••• H••••••• L••••••term loan first lien$7.1M$6.8M
97c
S+535 bp
O• I•• B•••term loan first lien$7.1M$6.8M
93c
S+565 bp
S•• H••••••• L•term loan first lien$6.7M$6.7M
101c
S+500 bp
F•• B•••• L••term loan first lien$6.7M$6.7M
100c
S+450 bp
T••• H•••••• C•••term loan first lien$7.1M$6.7M
95c
S+575 bp
O•• H••••••• P••••••••• L••term loan first lien$6.7M$6.6M
100c
S+425 bp
C•• F•••• H••••••• C••• L••term loan first lien$6.6M$6.6M
101c
S+786 bp
C••••••••• L••term loan first lien$6.5M$6.5M
100c
S+525 bp
E•••••• B••••••• C••••••• L••revolver lien unstated$6.4M$6.4M
100c
S+660 bp
R••••• H••••••• L••term loan second lien$6.5M$6.3M
100c
S+800 bp
W••• H••••••• I•• C•••term loan first lien$6.3M$6.3M
101c
S+525 bp
W•••••••• H•••••••• I•••term loan first lien$6.1M$6.1M
102c
S+500 bp
D•••••••• B••••• L•••term loan first lien$5.9M$5.9M
100c
S+500 bp
A•• C••••••••• L••term loan first lien$5.8M$5.7M
100c
S+450 bp
S••••• P••••••• H•••••••• L••term loan first lien$5.7M$5.7M
100c
S+450 bp
C•• P•••••• L••term loan first lien$5.7M$5.7M
100c
S+450 bp
I••••••• H•••••• N• ••••••term loan first lien$5.7M$5.7M
116c
S+550 bp
F••••• B••••• L••term loan first lien$6.0M$5.6M
94c
S+500 bp
H•••••••• V••••••••• P•••••••• L••term loan unsecured or subordinated$5.9M$5.6M
96c
PIK 11.00%
H•• T••••••••• • I•••••••••term loan first lien$5.5M$5.5M
99c
S+850 bp
I•• I••••••••• I•••term loan first lien$5.4M$5.4M
101c
S+650 bp
F••••• H••••••term loan first lien$5.5M$5.4M
106c
S+450 bp
H•••••••• H•••••••• I•••term loan first lien$5.3M$5.3M
100c
S+525 bp
C•• F•••• H••••••• C••• L••term loan first lien$5.2M$5.2M
101c
S+1000 bp
PIK 13.90%
A•••• I•••••••• B•••••• N•term loan first lien$5.4M$5.2M
106c
S+625 bp
R• H•••••••• L••term loan first lien$5.4M$5.2M
96c
S+675 bp
H••• I•••••term loan first lien$5.4M$5.1M
113c
S+620 bp
S••••••••• L••term loan first lien$5.2M$5.1M
100c
S+500 bp
L••• T••• C••• G••••• I•••term loan first lien$5.3M$5.0M
95c
S+600 bp
P•••••••• B•••• P•• L••term loan first lien$5.0M$5.0M
104c
S+475 bp
M•••• R••••••• I•••term loan first lien$5.0M$5.0M
98c
S+600 bp
F•••••••term loan first lien$5.3M$4.9M
96c
S+400 bp
B•••••• M••••••• ••• L••••••term loan first lien$5.0M$4.9M
99c
S+1200 bp
S••• A••••••••• I•••term loan first lien$4.9M$4.8M
99c
S+500 bp
R••••••• P•••• S••••••• I•••term loan first lien$4.8M$4.8M
100c
S+575 bp
G• E•••• B••••• I•••equity equityNot disclosed$4.8M
927c
S••••••••• L••term loan second lien$4.8M$4.6M
100c
S+850 bp
W•••• 5•• I•••term loan first lien$4.6M$4.6M
101c
S+450 bp
S•••••••• B•••term loan first lien$4.6M$4.6M
99c
S+525 bp
E•••••• W••• A••••••••• C••••••• L••term loan first lien$4.9M$4.6M
94c
S+625 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••term loan first lien$4.6M$4.5M
100c
S+450 bp
D••• H••••••• C••••term loan first lien$4.6M$4.5M
100c
S+500 bp
A••• H••••••• I• L••term loan first lien$8.8M$4.5M
63c
1.90%
PIK 12.40%
T•••• B•••• L••term loan first lien$4.4M$4.3M
100c
S+500 bp
A••
E••••••••
term loan first lien$4.3M$4.3M
111c
S+400 bp
PIK 2.20%
M• G•••• V••••••• C•••••••••term loan first lien$4.5M$4.2M
94c
S+550 bp
N•••••••• R••••••••• L••term loan first lien$4.2M$4.2M
101c
S+440 bp
T•• A••••••••• L••term loan first lien$4.2M$4.2M
100c
S+475 bp
C••••••••• B••••• L••equity equityNot disclosed$4.1M
85c
T••••••• M•••••••• C••••••• L••term loan first lien$4.1M$4.0M
100c
S+475 bp
S•••• B•••• B•••term loan first lien$4.2M$4.0M
104c
S+575 bp
F••••••• H••••••• S••••••••• P•••••••• 2•••••equity equityNot disclosed$4.0M
117c
S••••••• S•••••••term loan first lien$4.0M$4.0M
104c
S+475 bp
V•••• A••••••••• L••term loan first lien$4.0M$3.9M
100c
S+500 bp
Page 1 of 8Next
Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2020 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001811972-26-000018reported