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A business development company

Business development companyListed: HTGC, HCXY· SAN MATEO, CA

A business development company traded as Htgc, Hcxy, internally managed, holding $5.1B across 237 borrowers at Jun 30, 2026.

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

Fair value
$5.1B
Borrowers
237
Mark on cost
99.4¢
First lien
85%
Schedule of investments (459)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $15.7M
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $15.7M principal; the largest is Annex Cloud ($10.7M).

    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 Annex Cloud →
  2. $5.03M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $5.03M principal: Simon Data, Inc ($5.03M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Simon Data, Inc →
  3. 5 below 80¢
    $45.8M principal

    5 positions across 3 borrowers marked below 80¢ on cost, $45.8M principal.

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

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 261 → 237
    borrowers

    Lost a net 24 borrowers in the quarter to Jun 30, 2026, to 237.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  5. $26B → $5.1B
    fair value, 4 quarters

    Its portfolio shrank 81% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1280784 · file 814-00702Show
Fair value
$5.1B
as of Jun 30, 2026
Principal held
$4.8B
debt pieces, the filer's figure
Cost
$5.1B
99c on cost, debt pieces
Unfunded
$408M
commitments not yet drawn
Positions
459
237 borrowers
First lien
85%
95% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
390
10 sponsors financed
Portfolio through time
Fair value by quarter end$5.1B as of Jun 30, 2026
Dec 31, 2022$15B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$5.1B23799c55351 bp
Mar 31, 2026$5.6B26199c61360 bp
Dec 31, 2025$9.7B286100c112353 bp
Sep 30, 2025$5.2B220100c60376 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$26B216100c59381 bp
Mar 31, 2025$24B21299c55385 bp
Dec 31, 2024$37B267100c95440 bp
Sep 30, 2024$18B21799c54473 bp
Jun 30, 2024$18B220100c52488 bp
Mar 31, 2024$18B222100c50492 bp
Dec 31, 2023$32B227100c119510 bp
Sep 30, 2023$17B22398c46519 bp
Jun 30, 2023$16B220100c41533 bp
Mar 31, 2023$19B224100c42549 bp
Dec 31, 2022$15B23099c39569 bp
Sponsors financed

+8 additional sponsors this BDC finances

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

What changed
  • Repeat sponsor and lender pairJun 30, 2026
  • New sponsor and lender pairJun 30, 2026
  • New sponsor and lender pairJun 30, 2026
  • Repeat sponsor and lender pairJun 30, 2026
  • New sponsor and lender pairJun 30, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+387 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Dec 31, 2023
821 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Cloudpay, Inc.
Software
preferred equity equityNot disclosed$844,000
1563c
Contentful Global, Inc., Equity
Software
preferred equity equityNot disclosed$842,000
168c
Warrant Investments and Semiconductors (0.04%)
Semiconductors
unstated lien unstatedNot disclosed$811,000
819c
Achronix Semiconductor Corporation
Semiconductors
preferred equity equityNot disclosed$811,000
819c
Achronix Semiconductor Corporation
Semiconductors
preferred equity equityNot disclosed$811,000
819c

821 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2012 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001280784-26-000042reported
Capital chain

This record sits on 38 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

DFX traced 38 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

2,006 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.