T••••••••• P•••••• V•••••• C••••• I•••

BDCnon-tradedCIK 1792509file 814-01327MENLO PARK, CAmanaged by T••••••••• A••••••• L••

Fair value

$387M

as of Jun 30, 2026

Principal held

$334M

debt pieces, the filer's figure

Cost

$381M

101c on cost

Unfunded

$92.1M

commitments not yet drawn

Positions

492

193 borrowers

First lien

n/a

80% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

332

26 sponsors financed

Portfolio through time

Fair value by quarter end$387M as of Jun 30, 2026

Dec 31, 2022$442M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$387M	193	92c	36	405 bp
Mar 31, 2026	$394M	191	91c	43	396 bp
Dec 31, 2025	$772M	197	92c	87	400 bp
Sep 30, 2025	$362M	195	90c	42	471 bp
Jun 30, 2025	$347M	182	92c	42	463 bp
Mar 31, 2025	$417M	177	90c	28	506 bp
Dec 31, 2024	$1.2B	213	94c	109	490 bp
Sep 30, 2024	$438M	175	96c	33	523 bp
Jun 30, 2024	$415M	170	96c	27	541 bp
Mar 31, 2024	$448M	163	97c	19	559 bp
Dec 31, 2023	$548M	186	97c	5	572 bp
Sep 30, 2023	n/a	68	n/a	0	n/a
Jun 30, 2023	n/a	56	n/a	0	n/a
Mar 31, 2023	n/a	56	n/a	0	n/a
Dec 31, 2022	$442M	175	97c	1	611 bp

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New borrower on a BDC scheduleJun 30, 2026
M••••• M••••••• I•• first appears in a BDC schedule (1 lender)
Marked down (one lender)Jun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in J••• S•••••• (93 to 86 cents on cost)
Marked down (one lender)Jun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in M••••• I•• (91 to 84 cents on cost)
Marked down (one lender)Jun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in T••••••• I•• (97 to 83 cents on cost)
Marked down (one lender)Jun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in H• L•• (100 to 68 cents on cost)
Spread increasedJun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: spread increased in P••••••• E••••••••• I•• (2.00% to 3.75%)
Spread increasedJun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: spread increased in S•••••• I•• (1.50% to 3.00%)
Spread increasedJun 30, 2026
T••••••••• P•••••• V•••••• C••••• I•••: spread increased in P••••••• E••••••••• I•• (1.00% to 2.75%)
New borrower on a BDC scheduleMar 31, 2026
V••••••••• I•• first appears in a BDC schedule (2 lenders)
Lender left a facilityMar 31, 2026
T••••••••• P•••••• V•••••• C••••• I••• no longer holds P••• R•••••••• I•• term loan after 2026-03-31; 1 BDC(s) still hold it
New borrower on a BDC scheduleMar 31, 2026
S••••••• I•• first appears in a BDC schedule (1 lender)
Marked down (one lender)Mar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in R••••• F••••••••• I•• (100 to 94 cents on cost)
Marked down (one lender)Mar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in H•••••• I•• (87 to 80 cents on cost)
Marked down (one lender)Mar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in S••••• I•• (51 to 39 cents on cost)
Marked down (one lender)Mar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in E•••••••• S••••••••• I•• (24 to 15 cents on cost)
Spread increasedMar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: spread increased in P••••• A• F•••• G••• (7.75% to 14.50%)
Spread increasedMar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: spread increased in F••• L•••••• (8.25% to 9.25%)
Spread increasedMar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: spread increased in A•• H••••••• I•• (1.00% to 2.25%)
Marked down (one lender)Mar 31, 2026
T••••••••• P•••••• V•••••• C••••• I•••: fair value markdown in F•••• B•••••• L•• (100 to 0 cents on cost)
New borrower on a BDC scheduleDec 31, 2025
U• C••••••• T••••••••• I•• first appears in a BDC schedule (2 lenders)

Every position change, including routine ones

Largest facilities held, with co-lenders

F•••• B•••••• L•• term loan
2 BDCs hold it · matures May 1, 2027
$25.1M 89c
F••••••••• I•• term loan
2 BDCs hold it · matures Jun 1, 2027
$10.5M 100c
V••••••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2029
$10.0M 100c
H•••••• I•• term loan
2 BDCs hold it · matures Dec 1, 2027
$9.9M 80c
S••••• I•• term loan
1 BDC hold it
$9.6M 40c
P••••••• E••••••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2028
$9.5M 100c
S•••••• I•• term loan
2 BDCs hold it · matures Dec 1, 2028
$9.0M 100c
P••••••• I•• term loan
2 BDCs hold it · matures Aug 23, 2031
$8.9M 100c
S•••••• I•• term loan
2 BDCs hold it · matures May 1, 2030
$8.4M 95c
C•••••••• G•••• L•• term loan
2 BDCs hold it · matures Jun 10, 2031
$8.0M 100c
T••••••• I•• term loan
2 BDCs hold it · matures Mar 31, 2027
$7.5M 83c
T•••• E•••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2029
$7.5M 100c

Schedule of investments at Jun 30, 2026

492 positions

Borrower	Instrument	Principal	Fair value	Rate
O••••••• H•••••• I••.	preferred equity equity	n/a	$10.5M 3347c
F••••••••• I••.	term loan lien unstated	$10.5M	$10.5M 100c	S+175 bp PIK 2.50%
F•••• B•••••• L••	term loan lien unstated	$11.2M	$10.3M 88c	PIK 12.00%
V••••••••• I••	term loan lien unstated	$10.0M	$9.8M 100c	S+425 bp
P••••••• E••••••••• I••.	term loan lien unstated	$9.5M	$9.2M 100c	S+375 bp
S•••••• I••.	term loan lien unstated	$9.0M	$8.9M 100c	S+285 bp
P••••••• I••.	term loan lien unstated	$8.8M	$8.6M 100c	S+740 bp
H•••••• I••.	term loan lien unstated	$9.9M	$8.3M 80c	S+350 bp
F•••• B•••••• L••	term loan lien unstated	$9.0M	$8.2M 88c	PIK 12.00%
C•••••••• G•••• L••	term loan lien unstated	$8.0M	$7.9M 100c	S+750 bp
S•••••• I••.	term loan lien unstated	$7.9M	$7.4M 95c	S+300 bp
T•••• E•••••• I••.	term loan lien unstated	$7.5M	$7.4M 100c	S+215 bp
M•••••• I••.	term loan lien unstated	$7.1M	$7.3M 101c	S+425 bp
G••••••••• I••.	equity equity	n/a	$7.2M 173c
Federated Government Obligations Fund	unstated lien unstated	n/a	$7.1M 100c
E•••• C•••••••••	term loan lien unstated	$7.0M	$7.0M 100c	S+350 bp
S••••••• I••.	term loan lien unstated	$7.0M	$6.8M 100c	S+300 bp
U• C••••••• T••••••••• I••.	term loan lien unstated	$6.5M	$6.6M 106c	S+350 bp
M••••• I••.	term loan lien unstated	$7.0M	$6.4M 84c	S+675 bp
T••••••• I••.	term loan lien unstated	$6.5M	$6.0M 83c	S+775 bp
F••••••••• I••.	term loan lien unstated	$5.3M	$5.3M 102c	S+700 bp
A•••••• P••••• I••.	term loan lien unstated	$5.0M	$5.3M 100c	11.75%
D••• S••••••• C•••.	term loan lien unstated	$5.5M	$5.3M 96c	S+300 bp
T••••••••• I••.	term loan lien unstated	$5.0M	$5.1M 100c	S+325 bp
V••••••	term loan lien unstated	$5.0M	$4.9M 100c	S+225 bp
J••• S••••••.	term loan lien unstated	$5.3M	$4.9M 85c	8.70% PIK 5.80%
H•••••• I••.	revolver lien unstated	$5.2M	$4.5M 86c	S+200 bp
F••••• I••.	term loan lien unstated	$4.4M	$4.5M 100c	S+400 bp
O•••••• I••.	term loan lien unstated	$4.3M	$4.4M 100c	S+250 bp
F•••••• C•••.	term loan lien unstated	$4.5M	$4.4M 100c	S+325 bp
R••••• F••••••••• I••.	term loan lien unstated	$4.5M	$4.2M 94c	S+300 bp
S•••••• V•• I••.	term loan lien unstated	$4.1M	$4.1M 100c	S+525 bp
H•••• I••.	term loan lien unstated	$4.0M	$4.1M 100c	S+300 bp
J•••• S•••••••• I••.	term loan lien unstated	$4.0M	$4.1M 101c	10.50%
O••••••• H•••••• I••.	preferred equity equity	n/a	$4.1M 4554c
E••••••••• I••.	revolver lien unstated	$4.0M	$4.0M 100c	S+400 bp
O••• S•••• L•••• I••.	term loan lien unstated	$4.0M	$3.9M 100c	S+275 bp
B•••••• T••••••••• L•••• I••.	term loan lien unstated	$3.8M	$3.8M 100c	S+325 bp
R•••• L•••• I••.	term loan lien unstated	$3.5M	$3.5M 100c	S+215 bp
J••• D••••••• I••.	term loan lien unstated	$4.9M	$3.4M 71c	S+375 bp
S•••••• I••.	term loan lien unstated	$3.5M	$3.4M 100c	S+200 bp
I••••• T••••••••• I••.	term loan lien unstated	$3.5M	$3.4M 100c	S+550 bp
I••••• T••••••••• I••.	term loan lien unstated	$3.5M	$3.4M 100c	S+550 bp
R•••••••• T••••••••• C•••••••••	term loan lien unstated	$3.3M	$3.3M 100c	S+350 bp
L••••••••• I••.	term loan lien unstated	$3.0M	$3.0M 100c	S+175 bp
E••••••••• I••.	preferred equity equity	n/a	$2.9M 576c
O••••••• H•••••• I••.	preferred equity equity	n/a	$2.7M 5298c
E••••••••• I••.	preferred equity equity	n/a	$2.5M 1000c
S••••••• I••.	term loan lien unstated	$2.5M	$2.5M 100c	S+250 bp
F•••• B•••••• L••	term loan lien unstated	$2.6M	$2.4M 92c	PIK 12.00%
O••••••• A• I••.	term loan lien unstated	$2.3M	$2.2M 100c	S+325 bp
O•••••••• I••.	term loan lien unstated	$2.1M	$2.1M 100c	S+550 bp
F•••• B•••••• L••	term loan lien unstated	$2.3M	$2.1M 90c	PIK 5.75%
K••••• M••••• C••••••	preferred equity equity	n/a	$2.0M 5519c
H• L•• (Kernel)	term loan lien unstated	$2.8M	$2.0M 68c	S+150 bp PIK 6.50%
E•••• S•••••••• I••.	term loan lien unstated	$2.0M	$2.0M 100c	S+225 bp
V••••••• I••.	term loan lien unstated	$2.0M	$2.0M 100c	S+345 bp
F••• L••••••	term loan lien unstated	$1.5M	$1.7M 100c	S+925 bp
O•••••• I••.	term loan lien unstated	$1.7M	$1.7M 100c	S+250 bp
L•••••• I••.	term loan lien unstated	$1.8M	$1.7M 100c	S+400 bp
L•••••• I••.	term loan lien unstated	$1.8M	$1.7M 100c	S+400 bp
L•••••• I••.	term loan lien unstated	$1.8M	$1.7M 100c	S+400 bp
T••• P••••••• L••••••	revolver lien unstated	$1.8M	$1.7M 93c	10.25%
H••• A•••••••• I••.	term loan lien unstated	$1.7M	$1.6M 100c	S+300 bp
K••••• M••••• C••••••	preferred equity equity	n/a	$1.6M 229c
M••• S••••• I••.	term loan lien unstated	$1.6M	$1.6M 100c
F•••• S•	term loan lien unstated	$1.5M	$1.6M 100c	PIK 9.75%
F•••• S•	term loan lien unstated	$1.5M	$1.5M 100c	PIK 9.75%
N•••••• O•• W•••• A•	equity equity	n/a	$1.5M 98c
R••••• C•••• I••.	term loan lien unstated	$1.5M	$1.5M 100c	S+325 bp
J••• D••••••• I••.	term loan lien unstated	$2.1M	$1.4M 70c	S+375 bp
R••••• C•••• I••.	term loan lien unstated	$1.4M	$1.4M 100c	S+325 bp
F••••••••• I••.	term loan lien unstated	$1.5M	$1.4M 100c	PIK 9.00%
A•••••• P••••• I••.	term loan lien unstated	$1.3M	$1.4M 102c	11.75%
O••••••• H•••••• I••.	preferred equity equity	n/a	$1.4M 5404c
J••• S••••••.	revolver lien unstated	$1.3M	$1.3M 94c	S+575 bp
J••• S••••••.	preferred equity equity	n/a	$1.3M 198c
H•••• G••• (f/k/a Common Living Inc.)	term loan lien unstated	$4.7M	$1.3M 26c	S+650 bp
B•••••• T••••••••• L•••• I••.	term loan lien unstated	$1.3M	$1.2M 100c	S+350 bp
M•••• N•••••••• I••.	term loan lien unstated	$1.3M	$1.2M 100c	S+250 bp
H•••••• I••.	term loan lien unstated	$1.1M	$1.2M 100c	S+325 bp
A•• H••••••• I••.	term loan lien unstated	$1.2M	$1.2M 98c	S+225 bp
J••• S••••••.	term loan lien unstated	$1.2M	$1.2M 87c	10.95% PIK 7.30%
A••••••• S•••• T••••••••• C•••.	preferred equity equity	n/a	$1.1M 1106c
U••••••• I••.	preferred equity equity	n/a	$1.0M 2364c
A•• H••••••• I••.	term loan lien unstated	$956,000	$965,000 99c	S+100 bp
A••• H•••••••• I••.	warrants equity	n/a	$957,000 265c
T••••••• I••.	term loan lien unstated	$1.0M	$919,000 84c	S+775 bp
K•••• F•••••••• T••••••••• I•••••••••	preferred equity equity	n/a	$893,000 981c
S•••••• I••.	term loan lien unstated	$875,000	$865,000 100c	S+200 bp
N•• G•••	preferred equity equity	n/a	$841,000 122c
A•• I•••••••••	preferred equity equity	n/a	$830,000 100c
B••••••••• T••••••••• Holdings, L.P.	equity equity	n/a	$823,000 100c
K••••••• A•• I••.	term loan lien unstated	$857,000	$814,000 100c	S+450 bp
A•••• T••••••••• I••.	term loan lien unstated	$765,000	$810,000 100c	S+525 bp
M••••• M••••••• I••.	term loan lien unstated	$808,000	$801,000 100c	9.75%
M••• S••••• I••.	term loan lien unstated	$704,000	$752,000 102c
M••• S••••• I••.	term loan lien unstated	$724,000	$744,000 100c
A••••••••• I••.	preferred equity equity	n/a	$743,000 576c
H•••• G••• (f/k/a Common Living Inc.)	term loan lien unstated	$2.5M	$690,000 26c	S+650 bp

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: T••••••••• Global Venture Credit, LLCreported
Latest schedule: 0001792509-26-000024reported