DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
M••• S••••• C•••••• C•••
BDCMAINCIK 1396440file 814-00746HOUSTON, TXinternally managed
Fair value
$3.2B
as of Jun 30, 2026
Principal held
$3.1B
debt pieces, the filer's figure
Cost
$3.3B
98c on cost
Unfunded
$395M
commitments not yet drawn
Positions
824
221 borrowers
First lien
n/a
91% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
448
25 sponsors financed
Portfolio through time
Fair value by quarter end$3.2B as of Jun 30, 2026
Dec 31, 2021$8.1B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $3.2B | 221 | 97c | 88 | 659 bp |
| Mar 31, 2026 | $2.9B | 217 | 96c | 74 | 656 bp |
| Dec 31, 2025 | $6.5B | 230 | 116c | 79 | 654 bp |
| Sep 30, 2025 | $2.6B | 218 | 96c | 71 | 672 bp |
| Jun 30, 2025 | $2.7B | 218 | 97c | 70 | 686 bp |
| Mar 31, 2025 | $3.1B | 219 | 97c | 70 | 688 bp |
| Dec 31, 2024 | $14B | 237 | 141c | 134 | 705 bp |
| Sep 30, 2024 | $2.2B | 223 | 96c | 42 | 705 bp |
| Jun 30, 2024 | $2.0B | 221 | 97c | 42 | 697 bp |
| Mar 31, 2024 | $2.0B | 222 | 97c | 39 | 694 bp |
| Dec 31, 2023 | $7.6B | 234 | 291c | 33 | 696 bp |
| Sep 30, 2023 | $2.0B | 229 | 96c | 37 | 694 bp |
| Jun 30, 2023 | $1.9B | 225 | 95c | 33 | 681 bp |
| Mar 31, 2023 | $2.1B | 223 | 94c | 38 | 690 bp |
| Dec 31, 2022 | $4.7B | 227 | 186c | 28 | 665 bp |
| Sep 30, 2022 | $4.0B | 219 | 94c | 47 | 723 bp |
| Jun 30, 2022 | n/a | 95 | n/a | 0 | n/a |
| Mar 31, 2022 | n/a | 96 | n/a | 0 | n/a |
| Dec 31, 2021 | $8.1B | 211 | 139c | 63 | 688 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
- S•••••• C•••••• M••••••••• L•• carried4 borrowers $71.5M
- 2 borrowers $118M
- P••• R••• C•••••• L•• carried2 borrowers $92.6M
- S•••• C•••••• G••••• L•• carried2 borrowers $47.8M
- C•••••••• P••••••• carried2 borrowers $44.5M
- 1 borrower $94.1M
- B••••••• C•••••• carried1 borrower $57.4M
- C••••••••• C•••••• P••••••• carried1 borrower $43.9M
- W••• P•••• P••••••• carried1 borrower $38.6M
- J•• M••••••••• L••• inferred1 borrower $36.0M
- 1 borrower $29.1M
- L••• R•••• carried1 borrower $28.1M
- S•• P•••••••• L•• carried1 borrower $26.9M
- Y•••• P••••••• M••••••••• L••••• carried1 borrower $24.4M
- B••• W•••• E••••• L•• carried1 borrower $23.9M
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
- 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
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- A•••• S••••• L•• term loan2 BDCs hold it · matures Dec 31, 2030$118M 101c
- M•••••• C••••••• G••••• L•• term loan2 BDCs hold it · matures Oct 1, 2030 · E•••••• L••• C•••••• M••••••••• L•••$112M 101c
- B••••• P•••••• G••••• L•• term loan1 BDC hold it · matures Oct 31, 2027$101M 100c
- C••••••• F••• C••••••••• term loan2 BDCs hold it · matures Jun 27, 2029 · I••••••••• O••••••••• P•••••••• L••$94.1M 101c
- Z•• P•••••••• L•• term loan2 BDCs hold it · matures Jun 14, 2029$83.8M 101c
- H•••••• H•••••••• L•• term loan2 BDCs hold it · matures Jun 30, 2031$81.5M 100c
- G••••••••• H•••••••• L•• term loan2 BDCs hold it · matures Jan 1, 2028$76.6M 100c
- X•••• A••• I•• term loan3 BDCs hold it · matures Dec 20, 2028 · P••• R••• C•••••• L••$70.8M 101c
- S•••• C•••• T•••••••• H•••••••• L•• term loan2 BDCs hold it · matures Aug 8, 2029$62.0M 101c
- J•• E••••••••• • M••••••••• L•• term loan2 BDCs hold it · matures Jun 20, 2030$59.9M 28c
- U•• I••••••••• L•• term loan2 BDCs hold it · matures Jul 29, 2029$59.3M 101c
- T•••••• M•••••• H•••••••• L•• term loan1 BDC hold it · matures Oct 8, 2030$58.5M 101c
Schedule of investments at Jun 30, 2026
824 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| J••••• H••••••••• L•• | term loan lien unstated | $1.8M | $1.8M 100c | S+800 bp | Mar 29, 2029 |
| I••••• P••• a•• T•••• L•• | term loan lien unstated | $2.2M | $1.8M 83c | S+700 bp PIK 10.95% | May 17, 2029 |
| T•••• M•••• M•••• C•••. | preferred equity equity | n/a | $1.8M 133c | 8.00% PIK 8.00% | |
| I••••• P••• a•• T•••• L•• | term loan lien unstated | $2.2M | $1.8M 83c | S+700 bp PIK 10.95% | May 17, 2029 |
| I••••• P••• a•• T•••• L•• | term loan lien unstated | $2.2M | $1.8M 83c | S+700 bp PIK 10.95% | May 17, 2029 |
| M•••• F•••• F••• G••••• L•• | term loan lien unstated | $1.8M | $1.8M 98c | S+550 bp PIK 9.17% | Jan 28, 2031 |
| I•• H••••••• G••••• L•• | term loan lien unstated | $1.8M | $1.8M 100c | S+700 bp | Jun 21, 2027 |
| V•••••••• L•• | preferred equity equity | n/a | $1.7M 142c | ||
| S•••• T•••••• P•••••••• L• | term loan lien unstated | $1.8M | $1.7M 100c | 13.00% | Apr 22, 2029 |
| S•••••• R••••••• C•••••• L•• | term loan lien unstated | $5.3M | $1.7M 35c | 8.50% PIK 8.50% | Dec 31, 2027 |
| J••••••• H••••••••• I••. | term loan lien unstated | $1.7M | $1.7M 100c | S+750 bp | Nov 4, 2026 |
| C••••••••• B•••• L•• | term loan lien unstated | $1.7M | $1.7M 102c | S+650 bp | Jun 28, 2029 |
| A••• P••••••••• I••. | equity equity | n/a | $1.6M 108c | ||
| U•• I••••••••• L•• | equity equity | n/a | $1.6M 107c | ||
| T••••••• R••••••• T••••• L•• | term loan lien unstated | $1.6M | $1.6M 100c | 11.50% | May 31, 2031 |
| G••••••••• H•••••••• L•• | term loan lien unstated | $1.6M | $1.6M 100c | S+750 bp | Jan 1, 2028 |
| M••• M•••• o• A••••••• L•• | term loan lien unstated | $1.7M | $1.6M 91c | S+625 bp | Nov 30, 2028 |
| A•• O••••••••• L•• | term loan lien unstated | $1.4M | $1.4M 103c | S+600 bp | Jan 18, 2028 |
| C••••••••• I••. | term loan lien unstated | $1.4M | $1.4M 100c | 10.00% PIK 10.00% | Sep 25, 2028 |
| Bond Brand Loyalty ULC | Secured Debt 2 | term loan lien unstated | $1.4M | $1.4M 102c | S+575 bp | May 1, 2028 |
| A•• H•••••••• I••. | term loan lien unstated | $3.1M | $1.4M 45c | 20.00% PIK 20.00% | Nov 24, 2032 |
| A•• H•••••••• I••. | term loan lien unstated | $3.1M | $1.4M 45c | 20.00% PIK 20.00% | Nov 24, 2032 |
| H••• R•••• S••••••• L•• | preferred equity equity | n/a | $1.4M 920c | ||
| J••••• H••••••••• L•• | term loan lien unstated | $1.4M | $1.4M 100c | S+800 bp | Mar 29, 2029 |
| A•• H•••••••• I••. | term loan lien unstated | $1.4M | $1.4M 125c | 21.00% PIK 21.00% | Nov 24, 2032 |
| O•••••• I••••••••• S•••••••• L•• | term loan lien unstated | $1.3M | $1.3M 101c | S+600 bp | Nov 16, 2027 |
| O•••••• I••••••••• I••. | term loan lien unstated | $4.4M | $1.3M 30c | 12.00% PIK 12.00% | Sep 30, 2026 |
| E•••••••• I••. | term loan lien unstated | $1.3M | $1.3M 101c | S+600 bp | Apr 7, 2029 |
| R• O••••••• L•• | term loan lien unstated | $1.5M | $1.3M 83c | S+675 bp PIK 10.58% | Jun 30, 2027 |
| M•• P••••••••• H•••••• I••. | equity equity | n/a | $1.2M 109c | ||
| M•••••••• H••••••• L•• | term loan lien unstated | $1.2M | $1.2M 99c | 9.00% PIK 6.00% | May 30, 2029 |
| A••• A••••••• H•••••••• L•• | equity equity | n/a | $1.2M 130c | ||
| P•••••• R••••••••• • P••••• L•• | equity equity | n/a | $1.2M 100c | ||
| S•••• C•••• T•••••••• H•••••••• L•• | equity equity | n/a | $1.2M 138c | ||
| I•• H••••••• G••••• L•• | term loan lien unstated | $1.2M | $1.2M 100c | S+700 bp | Jun 21, 2027 |
| K••• L•• | term loan lien unstated | $1.2M | $1.2M 102c | 12.50% | Oct 1, 2028 |
| I•••••••• I••••••••• L•• | preferred equity equity | n/a | $1.2M 165c | 25.00% PIK 25.00% | |
| M••• M•••• o• A••••••• L•• | term loan lien unstated | $1.3M | $1.2M 91c | S+625 bp | Nov 30, 2028 |
| HDC/HW I••••••••• Holdings | term loan lien unstated | $2.6M | $1.2M 45c | S+350 bp PIK 2.50% | Aug 21, 2026 |
| A•• H•••••••• I••. | term loan lien unstated | $1.1M | $1.1M 110c | 21.00% PIK 21.00% | Nov 24, 2032 |
| E•••• E••••• F••• I•••••••••. | equity equity | n/a | $1.1M 34c | ||
| I•••••• B••••••• M•••••••, L.L.C. | equity equity | n/a | $1.1M 93c | ||
| G••••••••• C•••. | equity equity | n/a | $1.1M 67c | ||
| A•• O••••••••• L•• | equity equity | n/a | $1.0M 142c | ||
| A•• H•••••••• I••. | term loan lien unstated | $988,000 | $988,000 100c | 20.00% PIK 20.00% | Nov 24, 2032 |
| E•••••••• I••. | equity equity | n/a | $910,000 137c | ||
| B••••••• D••••••••• G•••• H••••••• | term loan lien unstated | $900,000 | $900,000 102c | S+600 bp | Dec 17, 2030 |
| G• H••• I••••••••• L•• | term loan lien unstated | $879,000 | $879,000 100c | S+650 bp | Nov 30, 2026 |
| S•••••• R••••••• C•••••• L•• | term loan lien unstated | $230,000 | $860,000 374c | 8.50% PIK 8.50% | Dec 31, 2027 |
| K••• L•• | term loan lien unstated | $855,000 | $855,000 100c | 12.50% | Oct 1, 2028 |
| PrimeFlight A••••••• Services | Secured Debt 4 | term loan lien unstated | $846,000 | $846,000 101c | S+525 bp | May 1, 2029 |
| I•••••• A••••••••• M••••••••• L•• | term loan lien unstated | $864,000 | $818,000 96c | S+950 bp PIK 1.50% | Apr 3, 2028 |
| L••••• S••• G•••• | term loan lien unstated | $805,000 | $789,000 100c | 13.00% | Nov 7, 2030 |
| C••••••• D••• S•••••• L•• | term loan lien unstated | $787,000 | $776,000 100c | 15.00% PIK 15.00% | Aug 6, 2026 |
| A•••• P••••••••• G••••• L•• | term loan lien unstated | $754,000 | $746,000 100c | S+800 bp PIK 1.00% | Mar 11, 2027 |
| PrimeFlight A••••••• Services | Secured Debt 3 | term loan lien unstated | $745,000 | $745,000 101c | S+550 bp | May 1, 2029 |
| PrimeFlight A••••••• Services | Secured Debt 2 | term loan lien unstated | $741,000 | $741,000 102c | S+550 bp | May 1, 2029 |
| I••••••••• B••• Company, LLC. | term loan lien unstated | $934,000 | $738,000 80c | S+750 bp | Mar 31, 2029 |
| E•••• E••••• F••• I•••••••••. | equity equity | n/a | $729,000 23c | ||
| J••••••• H••••••••• I••. | term loan lien unstated | $729,000 | $729,000 100c | S+750 bp | Nov 4, 2026 |
| U••• T••••••••• C•••. | term loan lien unstated | $711,000 | $678,000 100c | S+1100 bp PIK 10.00% | May 2, 2026 |
| J••••••• H••••••••• I••. | term loan lien unstated | $667,000 | $667,000 101c | S+750 bp | Nov 4, 2026 |
| D••••• U• I••. | equity equity | n/a | $650,000 90c | ||
| J••••••• H••••••••• I••. | preferred equity equity | n/a | $650,000 591c | ||
| O•••••• I••••••••• I••. | term loan lien unstated | $2.1M | $645,000 30c | 12.00% PIK 12.00% | Sep 30, 2026 |
| S••• H•••••••• L•• | equity equity | n/a | $630,000 99c | ||
| J••••••• H••••••••• I••. | term loan lien unstated | $625,000 | $625,000 100c | S+750 bp | Nov 4, 2026 |
| L••• H•••••••• Investments | equity equity | n/a | $618,000 100c | ||
| Bond Brand Loyalty ULC | Preferred Equity | notes lien unstated | n/a | $610,000 107c | ||
| A••••••••• S•••••• K••• H•••••••• L•• | preferred equity equity | n/a | $600,000 19c | ||
| C••••••• F••• C••••••••• | equity equity | n/a | $600,000 55c | ||
| J••••• J••••••• o• I••••• L•• | term loan lien unstated | $578,000 | $578,000 100c | S+675 bp | Nov 14, 2026 |
| A•• A••••••• G•••• S••••••• A••••••••• L•• | preferred equity equity | n/a | $570,000 78c | ||
| I•••••• B••••••• C••••••••• | term loan lien unstated | $617,000 | $561,000 96c | S+625 bp | Jul 19, 2028 |
| K••• L•• | term loan lien unstated | $543,000 | $543,000 106c | S+550 bp | Oct 1, 2028 |
| H••••• P•••••• F••• I••••••••• | equity equity | n/a | $500,000 100c | ||
| M•••••••• H••••••• L•• | equity equity | n/a | $461,000 38c | ||
| I••••••• I••••••••• L•• | term loan lien unstated | $3.2M | $458,000 15c | S+850 bp PIK 9.77% | Apr 14, 2028 |
| G•••••••• L••. | equity equity | n/a | $450,000 64c | ||
| I••••••• E••••• S••••••• | preferred equity equity | n/a | $435,000 147c | 10.00% PIK 10.00% | |
| E•••••••• I••. | term loan lien unstated | $424,000 | $424,000 104c | S+600 bp | Apr 7, 2029 |
| T••••••• R••••••• T••••• L•• | term loan lien unstated | $400,000 | $400,000 100c | 9.00% | May 31, 2027 |
| R• O••••••• L•• | term loan lien unstated | $478,000 | $399,000 83c | S+675 bp PIK 10.58% | Jun 30, 2027 |
| I••••• P••• a•• T•••• L•• | term loan lien unstated | $482,000 | $395,000 83c | S+700 bp PIK 10.95% | May 17, 2029 |
| R• O••••••• L•• | term loan lien unstated | $467,000 | $389,000 83c | S+675 bp PIK 10.58% | Jun 30, 2027 |
| B••••• C•••• H•••••••• L•• | preferred equity equity | n/a | $360,000 100c | 15.00% PIK 15.00% | |
| B•••• A•••••••• I••. | preferred equity equity | n/a | $347,000 121c | ||
| W••• • W•• S•••••• L•• | equity equity | n/a | $330,000 10c | ||
| W••• • W•• S•••••• L•• | term loan lien unstated | $322,000 | $322,000 100c | S+550 bp | Apr 30, 2028 |
| A••••••• N•••• L•• | term loan lien unstated | $321,000 | $321,000 100c | S+850 bp PIK 12.34% | Mar 28, 2028 |
| I•••••• A••••••••• M••••••••• L•• | term loan lien unstated | $339,000 | $320,000 94c | S+950 bp PIK 1.50% | Apr 3, 2028 |
| G••• P•••••• A••••••••• L•• | term loan lien unstated | $353,000 | $319,000 92c | S+700 bp | Sep 30, 2028 |
| T•• A•••••••• N••••••• L•• | preferred equity equity | n/a | $313,000 100c | ||
| B••••••• D••••••••• G•••• H••••••• | equity equity | n/a | $300,000 100c | ||
| O•••••• I••••••••• I••. | term loan lien unstated | $983,000 | $300,000 31c | 12.00% PIK 12.00% | Sep 30, 2026 |
| O•••••• I••••••••• I••. | term loan lien unstated | $964,000 | $294,000 30c | 12.00% PIK 12.00% | Sep 30, 2026 |
| Bond Brand Loyalty ULC | Secured Debt 1 | term loan lien unstated | $285,000 | $285,000 104c | S+575 bp | May 1, 2028 |
| J••••• H••••••••• L•• | equity equity | n/a | $280,000 140c | ||
| U••••••• T••••••••• I••. | term loan lien unstated | $325,000 | $277,000 87c | S+775 bp PIK 1.75% | Apr 5, 2029 |
| F•••• L••. | term loan lien unstated | $1.8M | $272,000 15c | 2.50% | Dec 31, 2028 |
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