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H•••••• P••• C•••••••• I•••••• I•••

Business development companymanaged by O•• A••••••Non-traded· CHICAGO, IL

A non-traded business development company, managed by O•• A••••••, holding $19.9M 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: $19.9M
Borrowers: 26
Mark on cost: 68.5¢
First lien: 55%

Schedule of investments (48)Quarter by quarter Sponsors

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

What matters now

73.8¢ → 66.5¢
book mark on cost
Marked its book down from 73.8¢ to 66.5¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
13 below 80¢
$20.8M principal
13 positions across 11 borrowers marked below 80¢ on cost, $20.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$33.9M → $19.9M
fair value, 4 quarters
Its portfolio shrank 41% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →
32 → 26
borrowers
Lost a net 6 borrowers in the quarter to Jun 30, 2026, to 26.
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 1661306 · file 814-01185Show

Fair value

$19.9M

as of Jun 30, 2026

Principal held

$33.3M

debt pieces, the filer's figure

Cost

$29.0M

69c on cost

Unfunded

$745,451

commitments not yet drawn

Positions

26 borrowers

First lien

55%

96% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

2 sponsors financed

Portfolio through time

Fair value by quarter end$19.9M as of Jun 30, 2026

Dec 31, 2022$95.2M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$19.9M	26	66c	5	665 bp
Mar 31, 2026	$24.8M	32	74c	8	636 bp
Dec 31, 2025	$82.9M	34	82c	19	633 bp
Sep 30, 2025	$30.7M	33	86c	7	631 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$33.9M	34	88c	6	639 bp
Mar 31, 2025	$35.8M	35	89c	8	634 bp
Dec 31, 2024	$76.3M	36	91c	18	638 bp
Sep 30, 2024	$38.2M	37	90c	7	638 bp
Jun 30, 2024	$39.1M	34	92c	7	658 bp
Mar 31, 2024	$40.5M	37	91c	6	668 bp
Dec 31, 2023	$52.6M	40	91c	10	677 bp
Sep 30, 2023	$45.9M	40	93c	7	698 bp
Jun 30, 2023	$49.8M	41	93c	3	704 bp
Mar 31, 2023	$52.5M	44	93c	4	703 bp
Dec 31, 2022	$95.2M	47	96c	6	698 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

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

Full timeline · 20 events

Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A••• C••••• C•• 2••• L•• unsecured or subordinated notes
2 BDCs hold it · matures Apr 20, 2035
$3.6M 38c
A••• C••••• C•• 2••••• L•• unsecured or subordinated notes
2 BDCs hold it · matures Oct 22, 2038
$3.0M 49c
E•••••••• C•• 2•••••• L•• unsecured or subordinated notes
1 BDC hold it · matures Jan 20, 2038
$2.9M 48c
E•••••• H••• H•••••• L•• second lien term loan
2 BDCs hold it · matures Oct 1, 2026 · possible sponsor W• G••••• P••••••• L••
$1.8M 29c
D••• a•• E••••• I•• H••••••• G•••••• G•••• other
1 BDC hold it · matures Aug 1, 2029
$1.8M 66c
I•••••• H•••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 30, 2027
$1.7M 100c
B•••••• H••••• S•••••••• I•• second lien term loan
3 BDCs hold it · matures Jun 11, 2028
$1.7M 1c
T••••••• L•••••• P••••••••• second lien term loan
4 BDCs hold it · matures Nov 2, 2028
$1.5M 95c
A••• C••••• C•• 2••• L•• unsecured or subordinated notes
2 BDCs hold it · matures Jul 18, 2034
$1.5M 23c
S• A••••••••• L•• first lien term loan
3 BDCs hold it · matures Dec 20, 2029
$1.3M 101c
O•• G• L•• first lien term loan
4 BDCs hold it · matures Aug 31, 2026
$1.3M 83c
C••••••••• B••••• L•• first lien term loan
2 BDCs hold it · matures Dec 30, 2027
$1.3M 96c

Schedule of investments at Jun 30, 2026

48 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••••••• L•••••• P••••••••• L••••••••• Services	term loan second lien	$1.5M	$1.4M 95c	SOFR+850 bp	Nov 2, 2028
S• A••••••••• L•• S••••• and R••••••••• I••••••••• IR 9.48%	term loan first lien	$1.3M	$1.4M 101c	SOFR+575 bp	Dec 20, 2029
B••• N•••• S••• U• H••••• 2• I••• ••••• D•••••• H•••••••• Ice C•••• and F••••• D•••••• M••••••••• IR 11.01%	term loan second lien	$1.3M	$1.3M 105c	SOFR+725 bp	Jun 8, 2029
C••••••••• B••••• L•• C•••••••• C•••••••• D•••••• IR 10.63%	term loan first lien	$1.3M	$1.3M 96c	SOFR+675 bp	Dec 30, 2027
A••• C••••• C•• 2••• L••• S••••••••• finance (CLO)	notes unsecured or subordinated	$3.6M	$1.2M 38c	5.31%	Apr 20, 2035
D••• a•• E••••• I•• H••••••• G•••••• G••••• L•• ••••• T••••• F•••• M••••••••• M••••••• F•• L•• D••• I•• S••••••••• a•• O•••• G•••••• •••••• C••••••••• S••••• I•	unstated lien unstated	$1.8M	$1.1M 66c	SOFR+675 bp	Aug 1, 2029
I•••••• H•••••••• L•• O•••• C••••••• R•••••• Services IR 12.88%	term loan first lien	$968,814	$968,814 100c	SOFR+700 bp	Oct 1, 2026
A••• C••••• C•• 2••••• L••• S••••••••• finance (CLO)	notes unsecured or subordinated	$3.0M	$890,715 49c	13.93%	Oct 22, 2038
B••• H••• C••• H•••••••• I•• Services for the E•••••• and P•••••• with D••••••••• IR 10.41%	term loan first lien	$887,419	$887,419 100c	SOFR+650 bp	Feb 25, 2029
A•••• M••••• L•• C•••• and O•••• S••••••••• P••••••••• IR 9.38%	term loan first lien	$1.2M	$866,751 73c	SOFR+550 bp	Feb 10, 2027

All 48 positionslargest fair value first

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E•••••••• C•• 2••••••• L••• S••••••••• finance (CLO)	notes unsecured or subordinated	$2.9M	$786,287 48c	11.56%	Jan 20, 2038
T•••••• A••••••••• I••• M•••••••••, B••••••, and P•••• M••••••••• IR 9.74% cash / 1.25% PIK	revolver first lien	$1.2M	$757,428 61c	SOFR+600 bp PIK 1.25%	Oct 14, 2027
M•••••• L•• All O•••• O••••••••• C••• C•••••• IR 9.66%	term loan first lien	$726,064	$726,064 101c	SOFR+600 bp	Oct 20, 2029
O•• G• L•• Offices of O•••• Holding Companies IR 10.48% PIK	term loan first lien	$874,819	$692,856 83c	SOFR+675 bp	Aug 31, 2026
M••••••••• L•• All O•••• B••••••• S•••••• Services IR 10.24% cash / 0.50% PIK	term loan first lien	$679,902	$669,023 99c	SOFR+625 bp PIK 0.50%	May 17, 2027
I•••••• H•••••••• L•• O•••• I••••••••• M•••••••• M••••••••• IR 9.68% cash / 1.00% PIK	term loan first lien	$599,124	$599,124 101c	SOFR+775 bp PIK 1.00%	Sep 30, 2027
W•••••• I••• ••••• K•• A••••••••• C••••• E••••••••• S••••••• and M••••••••• H••••• IR 10.24%	term loan first lien	$620,880	$520,297 84c	SOFR+625 bp	Oct 19, 2030
A••• I••••••••• 2• L•• C••••••• Systems D••••• Services IR 9.14%	term loan first lien	$482,500	$479,605 100c	SOFR+550 bp	Jul 22, 2027
I•••• I••• C••••••• and C••••••• P••••••••• E•••••••• and S••••••• M••••••• W••••••••• IR 10.56%	term loan second lien	$670,732	$477,561 71c	SOFR+675 bp	Mar 2, 2029
E•••••• H••• H•••••• L•• H••• H••••• C••• Services IR 18.00% PIK I•••••• AD 10/25/2018 Mty 10/1/2026	term loan second lien	$1.8M	$466,652 29c	PIK 18.00%	Oct 1, 2026
O•• G• L•• Offices of O•••• Holding Companies IR 10.48% PIK	term loan first lien	$461,125	$365,211 83c	SOFR+675 bp	Aug 31, 2026
D•• I•••••• S•••••••• L•• D••• P•••••••••, H••••••, and R•••••• Services I••••••	equity equity	Not disclosed	$364,000 316c
R••• H•••••••• L•• S••••••• P••••••••• I••••••	equity equity	Not disclosed	$334,000
E•••••••• C•• 2••••••• L••• S••••••••• finance (CLO)	notes unsecured or subordinated	$1.3M	$214,200 31c	0.00%	Jan 25, 2035
A••• C••••• C•• 2••• L••• S••••••••• finance (CLO)	notes unsecured or subordinated	$1.5M	$195,295 23c	0.00%	Jul 18, 2034
I•••••• H•••••••• L•• O•••• C••••••• R•••••• Services IR 12.88%	revolver first lien	$187,500	$187,500 100c	SOFR+700 bp	Oct 1, 2026
I•••••• H•••••••• L•• O•••• I••••••••• M•••••••• M••••••••• IR 9.68% cash / 1.00% PIK	term loan first lien	$180,807	$180,807 101c	SOFR+775 bp PIK 1.00%	Sep 30, 2027
O•• G• L•• Offices of O•••• Holding Companies IR 10.48% PIK	revolver first lien	$174,021	$137,824 83c	SOFR+675 bp	Aug 31, 2026
M•••••• L•• All O•••• O••••••••• C••• C•••••• IR 9.63%	term loan first lien	$121,862	$121,862 101c	SOFR+600 bp	Oct 20, 2029
C••••••••• B••••• L•• C•••••••• C•••••••• D•••••• IR 12.50%	revolver first lien	$93,265	$86,837 95c	Prime+575 bp	Dec 30, 2027
B••• H••• C••• H•••••••• I•• Services for the E•••••• and P•••••• with D••••••••• I•••••• AD 2/25/2022	equity equity	Not disclosed	$73,370 57c
S• A••••••••• L•• S••••• and R••••••••• I••••••••• IR 9.48%	revolver first lien	$40,000	$40,000 101c	SOFR+575 bp	Dec 20, 2029
B••• H••• C••• H•••••••• I•• Services for the E•••••• and P•••••• with D••••••••• I•••••• AD 3/3/2023	preferred equity equity	Not disclosed	$36,830 107c
T•••••• A••••••••• I••• M•••••••••, B••••••, and P•••• M••••••••• IR 9.74%	revolver first lien	$83,824	$31,941 38c	SOFR+600 bp	Oct 14, 2027
I•••••• H•••••••• L•• O•••• I••••••••• M•••••••• M••••••••• I•••••• AD 8/31/2021 Mty 8/10/2030	warrants equity	Not disclosed	$25,090 50c		Aug 10, 2030
B••• H••• C••• H•••••••• I••• Services for the E•••••• and P•••••• with D••••••••• IR 10.41%	revolver first lien	$22,578	$22,580 101c	SOFR+650 bp	Feb 25, 2029
C•• o•••• S••••••••• finance (CLO)	unstated lien unstated	Not disclosed	$12,694 1524c
A••• I••••••••• 2• L•• C••••••• Systems D••••• Services IR 9.14%	term loan first lien	$11,286	$11,219 100c	SOFR+550 bp	Jul 22, 2027
B•••••• H••••• S•••••••• I••• O••••••••• M••••• H••••• and S•••••••• A•••• C•••••• IR 14.49%	term loan second lien	$1.3M	$7,550 1c	SOFR+1050 bp	Jun 11, 2028
B•••••• H••••• S•••••••• I••• O••••••••• M••••• H••••• and S•••••••• A•••• C•••••• IR 14.49%	term loan second lien	$357,657	$2,037 1c	SOFR+1050 bp	Jun 11, 2028
C••••••••• H•••••••• L•• O•••• J••••••, Public O••••, and S••••• A••••••••• I••••••	equity equity	Not disclosed	$1,177 3c
M•••••• L•• All O•••• O••••••••• C••• C••••••	revolver first lien	$0	$0 0c	SOFR+600 bp	Oct 20, 2029
C••••••••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
B••• H••• C••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+650 bp
S• A••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+575 bp
T•••••• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+600 bp
C••••••••• B••••• L••	revolver first lien	Not disclosed	Not disclosed	S+575 bp
M•••••• L••	revolver first lien	Not disclosed	Not disclosed	S+600 bp

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2018 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001661306-26-000068reported