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A business development company

Business development companyListed: MAIN· HOUSTON, TX

A business development company traded as MAIN, internally managed, holding $5.7B across 221 borrowers at Jun 30, 2026.

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

Fair value
$5.7B
Borrowers
221
Mark on cost
96.5¢
First lien
0%
As of · the latest schedule of investments read for this BDC

What matters now

  1. $35.1M
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $35.1M principal; the largest is Computer Data Source, LLC ($31.9M).

    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 Computer Data Source, LLC →
  2. $31.9M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $31.9M principal: Computer Data Source, LLC ($31.9M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Computer Data Source, LLC →
  3. 35 below 80¢
    $268M principal

    35 positions across 22 borrowers marked below 80¢ on cost, $268M 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. 107 → 123
    loans paying in kind

    Loans paying in kind rose from 107 to 123 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 →
Every headline figure, and the identifiersCIK 1396440 · file 814-00746Show
Fair value
$5.7B
as of Jun 30, 2026
Principal held
$4.0B
debt pieces, the filer's figure
Cost
$5.0B
97c on cost, debt pieces
Unfunded
$395M
commitments not yet drawn
Positions
824
221 borrowers
First lien
0%
66% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
448
3 sponsors financed
Portfolio through time
Fair value by quarter end$5.7B as of Jun 30, 2026
Dec 31, 2021$7.1B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$5.7B22197c123662 bp
Mar 31, 2026$5.7B21796c107659 bp
Dec 31, 2025$5.5B23097c84662 bp
Sep 30, 2025$5.1B21897c101687 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$5.1B21897c153711 bp
Mar 31, 2025$5.1B21997c148713 bp
Dec 31, 2024$10B23796c186717 bp
Sep 30, 2024$4.9B22396c94718 bp
Jun 30, 2024$4.7B22197c82715 bp
Mar 31, 2024$4.6B22297c70713 bp
Dec 31, 2023$4.3B23497c66742 bp
Sep 30, 2023$4.3B22997c62731 bp
Jun 30, 2023$4.2B22597c55726 bp
Mar 31, 2023$4.2B22395c60726 bp
Dec 31, 2022$4.1B22794c50728 bp
Sep 30, 2022$4.0B21994c65757 bp
Jun 30, 2022$2.1B95n/a14869 bp
Mar 31, 2022Not disclosed96n/a0834 bp
Dec 31, 2021$7.1B21196c85737 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 borrower on a BDC scheduleJun 30, 2026
  • New sponsor and lender pairJun 30, 2026
  • Repeat sponsor and lender pairJun 30, 2026
  • Repeat 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

+445 additional facilities held

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

Schedule of investments at Jun 30, 2023
672 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Volusion, LLCunstated unsecured or subordinatedNot disclosed$0
Volusion, LLCpreferred equity equityNot disclosed$0
0c
MH Corbin Holding LLCpreferred equity equityNot disclosed$0
0c
Chamberlin Holding LLCterm loan lien unstated$0$0
0c
S+600 bpFeb 26, 2026
Direct Marketing Solutions, Inc.term loan lien unstated$0$0
0c
Feb 13, 2026

672 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
0001396440-26-000094reported
Capital chain

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

PE sponsor to borrower to facility to lenderSponsor 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

2,671 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.