DFX Intelligence
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F• K•• C•••••• C•••
A business development company traded as FSK, managed by F••••• A••••••• L••, holding $13B across 224 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $13B
- Borrowers
- 224
- Mark on cost
- 91.0¢
- First lien
- 37%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $1.44Bon non-accrual, 14 borrowers
14 borrowers on non-accrual, $1.44B principal; the largest is K••••••••• B••••••••• S••••••• L•• ($338M).
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 K••••••••• B••••••••• S••••••• L•• → - $114Mnewly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $114M principal: H••••• T••••••••• S•••••• L•• ($102M), A••••••• S•••••••• G•••• L•• ($11.8M).
Q2 2026 · The newest credit problems in the book.
- 19 below 80¢$1.45B principal
19 positions across 16 borrowers marked below 80¢ on cost, $1.45B principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 92.5¢ → 91.0¢book mark on cost
Marked its book down from 92.5¢ to 91.0¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Every headline figure, and the identifiersCIK 1422183 · file 814-00757ShowHide
Fair value
$13B
as of Jun 30, 2026
Principal held
$12B
debt pieces, the filer's figure
Cost
$14B
91c on cost, debt pieces
Unfunded
$1.1B
commitments not yet drawn
Positions
942
224 borrowers
First lien
37%
83% debt by fair value
Quarters on the tape
18
since Dec 31, 2020
Facilities held
336
44 sponsors financed
Portfolio through time
Fair value by quarter end$17B as of Jun 30, 2026
Dec 31, 2020$1.9B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $17B | 224 | 91c | 21 | 547 bp |
| Mar 31, 2026 | $18B | 227 | 93c | 21 | 558 bp |
| Dec 31, 2025 | $21B | 228 | 95c | 28 | 569 bp |
| Sep 30, 2025 | $20B | 223 | 96c | 28 | 571 bp |
All 18 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $20B | 217 | 96c | 30 | 585 bp |
| Mar 31, 2025 | $21B | 224 | 98c | 27 | 609 bp |
| Dec 31, 2024 | $37B | 220 | 97c | 120 | 564 bp |
| Sep 30, 2024 | $20B | 219 | 97c | 36 | 568 bp |
| Jun 30, 2024 | $20B | 208 | 96c | 38 | 588 bp |
| Mar 31, 2024 | $20B | 205 | 97c | 51 | 601 bp |
| Dec 31, 2023 | $48B | 212 | 95c | 106 | 625 bp |
| Sep 30, 2023 | $19B | 204 | 96c | 63 | 615 bp |
| Jun 30, 2023 | $19B | 198 | 95c | 58 | 620 bp |
| Mar 31, 2023 | $20B | 192 | 95c | 52 | 613 bp |
| Dec 31, 2022 | $39B | 212 | 95c | 102 | 620 bp |
| Sep 30, 2022 | $17B | 200 | 96c | 49 | 625 bp |
| Dec 31, 2021 | $28B | 202 | 100c | 79 | 632 bp |
| Dec 31, 2020 | $1.9B | 40 | n/a | 3 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Placed on non-accrualJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- C••••• O••••••••• P••••••• J•• L•• other1 BDC hold it$2.0B 166c
- K••••••••• B••••••••• S••••••• L•• first lien term loan3 BDCs hold it · matures Nov 6, 2028$338M 74c
- P••••••••• R••••••• G•••• L•• first lien term loan2 BDCs hold it · matures Oct 1, 2030$319M 104c
- P•••••• C••• second lien term loan7 BDCs hold it · matures Feb 1, 2029$297M 70c
- S••••• L•• second lien term loan1 BDC hold it · matures Jun 1, 2029$280M 79c
- G••••• U•••••••• L•• first lien term loan1 BDC hold it · matures May 1, 2028 · possible sponsor G••••••• C•••••• P••••••• L•$241M 98c
- M•••••••• I•• first lien term loan5 BDCs hold it · matures Oct 29, 2028$234M 50c
- N••••• C•••••• G•••• H•••••• A• other1 BDC hold it · matures Jun 1, 2031$232M 111c
- A•••••• S•••••• A• first lien term loan1 BDC hold it · matures Jun 1, 2031$218M 96c
- T••••• L•• first lien term loan1 BDC hold it · matures Jun 1, 2028$192M 80c
- A•• N••••••• C••• other1 BDC hold it · matures Sep 1, 2028$184M 127c
- M•• D••••• S••••••••• L•• first lien term loan3 BDCs hold it · matures Feb 13, 2031$167M 100c
Schedule of investments at Dec 31, 2021
751 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| J•• E••• I••••••••• L•• | term loan lien unstated | $75.0M | $74.5M 99c | 10.00% PIK 2.00% | Apr 2, 2026 |
| F•••••• S••••••• C• | term loan first lien | $74.4M | $74.1M 101c | S+575 bp | Aug 31, 2028 |
| P••••• S•••••• | term loan first lien | $73.9M | $74.1M 101c | S+575 bp | Jun 30, 2027 |
| F••••••••• R••• P••••••• C••• | term loan first lien | $74.3M | $73.3M 100c | S+575 bp | Oct 29, 2028 |
| N•• I•• | unstated lien unstated | $78.8M | $72.0M 93c | S+750 bp | Aug 15, 2024 |
| O••••••• L••• I••• S••••••••• | subordinated debt unsecured or subordinated | $71.1M | $71.1M 100c | 10.00% | Apr 1, 2026 |
| O••••••• L••• I••• S••••••••• | subordinated debt unsecured or subordinated | $71.1M | $71.1M 100c | 10.00% | Apr 1, 2026 |
| L••••••••• T••••••••• I•• | unstated lien unstated | $68.9M | $70.3M 110c | S+700 bp | Dec 29, 2025 |
| B••••• F•••••• I•• | unstated lien unstated | $75.0M | $69.3M 93c | S+1000 bp | Apr 30, 2026 |
| A•••••• S•••••• A• | term loan first lien | $629M | $68.9M 101c | S+610 bp | Apr 28, 2028 |
| A••••••• S•••••••• G•••• L•• | term loan first lien | $69.2M | $68.2M 100c | S+525 bp | Dec 22, 2028 |
| S••••••• C••••••••• L•• | equity equity | Not disclosed | $67.5M 159c | ||
| S••••••• C••••••••• L•• | equity equity | Not disclosed | $67.5M 159c | ||
| S••••••• C••••••••• L••• C••••• S••• | unstated lien unstated | Not disclosed | $67.5M | ||
| S••••••• C••••••••• L•• | equity equity | Not disclosed | $67.5M | ||
| P••••••••• I•• | term loan first lien | $65.8M | $64.7M 100c | S+575 bp | Aug 23, 2028 |
| O•••••• M••••• L•••••• | preferred equity equity | Not disclosed | $64.6M 104c | ||
| O•••••• M••••• L•••••• | preferred equity equity | Not disclosed | $64.6M | ||
| O•••••• M••••• L•••••• | preferred equity equity | Not disclosed | $64.6M 104c | ||
| P••••••••• R••••••• G•••• L••• 3• | unstated lien unstated | Not disclosed | $64.4M | ||
| P••••••••• R••••••• G•••• L•• | term loan first lien | $64.4M | $64.4M 107c | S+500 bp PIK 3.10% | Aug 21, 2024 |
| P••••••••• R••••••• G•••• L•• | unstated lien unstated | Not disclosed | $64.4M | ||
| P•••• T••• L•• | term loan first lien | $63.9M | $63.3M 99c | S+550 bp | Nov 1, 2028 |
| M••••••••• | term loan first lien | $62.4M | $61.9M 100c | S+600 bp | Sep 15, 2027 |
| E••••••••• B••••••• G•••• L•• | term loan first lien | $64.0M | $61.7M 104c | S+575 bp PIK 2.50% | Sep 30, 2025 |
| S•••• L••• F•• C•• S••••••••• finance (CLO) | term loan first lien | $60.7M | $61.3M 107c | S+550 bp | Jan 20, 2027 |
| P••••••••• A••••••••• L•• | term loan first lien | $60.5M | $61.1M 108c | S+700 bp | Jul 13, 2024 |
| A••••••••• C••• I•• | term loan first lien | $60.4M | $60.1M 100c | S+550 bp | Aug 2, 2028 |
| S••••••• C••••••••• L•• | term loan first lien | Not disclosed | $60.1M | ||
| S••••••• C••••••••• L•• | unstated lien unstated | $59.9M | $60.1M 106c | S+550 bp | Mar 17, 2026 |
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $59.9M | ||
| A••••••••• C••• I•• | term loan first lien | Not disclosed | $59.9M | S+550 bp | |
| M••••• R••••••••• P••••••• L•• | term loan first lien | $59.6M | $58.9M 99c | S+650 bp | Dec 19, 2025 |
| P••••••••• H••••••• I•• | unstated lien unstated | $65.0M | $57.6M 89c | S+875 bp | Aug 21, 2023 |
| 8•• 5•• A••• S••••••• S•••••••• | subordinated debt unsecured or subordinated | $57.2M | $57.2M 104c | S+800 bp PIK 3.00% | Dec 19, 2029 |
| 8•• 5•• A••• S••••••• S•••••••• | subordinated debt unsecured or subordinated | $57.2M | $57.2M 104c | S+800 bp PIK 3.00% | Dec 19, 2029 |
| T••••••••• S••••••• G•••• L•• | term loan first lien | $80.3M | $57.0M 102c | S+650 bp | Oct 15, 2026 |
| M•• D••••• S•••••••• L•• | term loan first lien | $56.7M | $56.9M 100c | S+600 bp | Jan 29, 2027 |
| S••••••• C••• o• A•••••• I•• | term loan first lien | $55.8M | $56.3M 106c | S+575 bp | Nov 30, 2026 |
| L•••••••• V••••••••• G•••• | term loan first lien | $56.3M | $55.7M 99c | S+550 bp | Nov 23, 2028 |
| C•••• C••• | unstated lien unstated | $54.8M | $55.6M 107c | S+763 bp | May 25, 2029 |
| B•••••• F•••••• L•• | unstated lien unstated | $54.3M | $54.4M 103c | S+1000 bp PIK 0.50% | Jun 7, 2022 |
| G••••• J•• C•••••• L••• S••••••••• | subordinated debt unsecured or subordinated | $53.6M | $53.6M 145c | 15.00% PIK 15.00% | Dec 4, 2025 |
| G••••• J•• C•••••• L••• S••••••••• | subordinated debt unsecured or subordinated | $53.6M | $53.6M 145c | PIK 15.00% | Dec 4, 2025 |
| N•• H••• | unstated lien unstated | $67.7M | $53.3M 79c | S+550 bp | Apr 26, 2024 |
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $53.1M | ||
| P•••• S• L••• S••••••••• M••••••••• R••• E••••• | subordinated debt unsecured or subordinated | $52.4M | $52.4M 104c | 5.00% PIK 6.00% | Mar 12, 2030 |
| P•••• S• L••• S••••••••• M•••••••• | subordinated debt unsecured or subordinated | $52.4M | $52.4M 104c | 5.00% PIK 6.00% | Mar 12, 2030 |
| P•••• S• L••• S••••••••• M•••••••• | subordinated debt unsecured or subordinated | Not disclosed | $52.4M | ||
| A•••• H•••••• A• | equity equity | Not disclosed | $52.3M 117c | ||
| A•••• H•••••• A• | equity equity | Not disclosed | $52.3M 117c | ||
| S••••• C••• L•• | term loan first lien | $53.3M | $52.2M 100c | S+650 bp | Jun 30, 2027 |
| A••••••••• C••• I•• | equity equity | Not disclosed | $52.1M | ||
| A••••••••• C••• I•• | preferred equity equity | Not disclosed | $52.1M 108c | PIK 11.80% | |
| A••••••••• C••• I•• | equity equity | Not disclosed | $52.1M | ||
| A••••••••• C••• I•• | preferred equity equity | Not disclosed | $52.1M 108c | PIK 11.80% | |
| S••••• Y•••• • F••••• S••••••• L•• | term loan first lien | $170M | $51.6M 48c | S+800 bp | Sep 1, 2023 |
| M•••••••• F••••••••• H••••••• I•• | term loan first lien | Not disclosed | $51.0M | ||
| M•••••••• F••••••••• H••••••• I•• | unstated lien unstated | $51.4M | $51.0M 111c | PIK 7.50% | Mar 29, 2024 |
| B••• I•• | unstated lien unstated | Not disclosed | $49.2M | ||
| B••• I•• | term loan first lien | Not disclosed | $49.2M | ||
| B••• I•• | term loan first lien | $66.7M | $49.2M 122c | S+500 bp PIK 8.00% | Jul 31, 2025 |
| B••• I••• 1• | unstated lien unstated | Not disclosed | $49.2M | ||
| S••••• I••••••••• I•• | term loan first lien | $48.7M | $48.2M 99c | S+600 bp | Sep 22, 2028 |
| A••••• J•• P•••••• E••••• I•••••••• | unstated lien unstated | Not disclosed | $48.1M 110c | ||
| A••••• J• | equity equity | Not disclosed | $48.1M 110c | ||
| O••••••••• L•• | term loan second lien | $49.0M | $48.1M 98c | S+700 bp | Sep 25, 2027 |
| T••••••••• G•••• | term loan first lien | $48.5M | $47.7M 99c | S+500 bp PIK 2.50% | Mar 1, 2023 |
| T••••••••• G•••• | term loan first lien | $48.3M | $47.4M 99c | S+500 bp PIK 2.50% | Mar 1, 2023 |
| A•• N••••••• C•••• 1• | unstated lien unstated | Not disclosed | $46.8M | ||
| A•• N••••••• C••• | unstated lien unstated | $46.8M | $46.8M 100c | S+750 bp | Aug 9, 2026 |
| A•••••••• M••••••• | equity equity | Not disclosed | $46.7M 104c | ||
| A•••••••• M••••••• | equity equity | Not disclosed | $46.7M 104c | ||
| H•••••• A••••• | unstated lien unstated | Not disclosed | $46.6M | ||
| H•••••• A••••• | subordinated debt unsecured or subordinated | $134M | $46.6M 47c | PIK 13.00% | Nov 30, 2025 |
| M••••••••• I••••••••• I•• | term loan first lien | $47.3M | $45.1M 101c | S+500 bp | Jul 3, 2024 |
| S••••••••• P••••••• I••••••••• L•• | term loan first lien | $45.1M | $45.1M 106c | S+500 bp | Jan 27, 2027 |
| A••••••• D••••••••• • C••••••• S•••••• | term loan first lien | $44.8M | $45.0M 105c | S+625 bp | May 7, 2027 |
| T••• M••••••••• C• | term loan first lien | $45.8M | $44.8M 100c | S+650 bp | Dec 1, 2027 |
| A••••••• B•••••• H•••••• B• | term loan second lien | $44.9M | $44.3M 109c | S+775 bp | Sep 12, 2026 |
| A••••••••• C••• I•• | term loan first lien | $43.1M | $42.9M 100c | S+550 bp | Aug 2, 2028 |
| C•••••• A••••••••• L•• S••••••••• | subordinated debt unsecured or subordinated | $42.7M | $42.7M 102c | S+1100 bp | Dec 22, 2028 |
| C•••••• A••••••••• L•• S••••••••• | subordinated debt unsecured or subordinated | $42.7M | $42.7M 102c | S+1100 bp | Dec 22, 2028 |
| C•••• C••• | preferred equity equity | Not disclosed | $42.3M 107c | ||
| C•••• C••• | preferred equity equity | Not disclosed | $42.3M 107c | PIK 11.00% | |
| B••••• ••• D•••• O•••• | unstated lien unstated | Not disclosed | $42.0M | ||
| B••••• ••• D•••• O••••• 2• | unstated lien unstated | Not disclosed | $42.0M | ||
| B••••• ••• D•••• O•••• 2• | term loan first lien | Not disclosed | $42.0M | ||
| B••••• ••• D•••• O•••• | unstated lien unstated | $42.0M | $42.0M 104c | S+700 bp | Jul 20, 2025 |
| C•••••••• C••••••••• F•••••• L••• 2• | term loan lien unstated | $40.3M | $40.5M 100c | S+900 bp PIK 9.00% | Nov 3, 2025 |
| C•••••••• C••••••••• F•••••• L••• 2• | term loan lien unstated | $40.3M | $40.5M 100c | S+900 bp | Nov 3, 2025 |
| G••••• J•• C•••••• L••• S••••••••• | subordinated debt unsecured or subordinated | $39.2M | $39.2M 146c | 15.00% PIK 15.00% | Dec 9, 2025 |
| G••••• J•• C•••••• L••• S••••••••• | subordinated debt unsecured or subordinated | $39.2M | $39.2M 146c | PIK 15.00% | Dec 9, 2025 |
| A••••••• V••••• P••••••• | term loan first lien | $38.9M | $38.7M 99c | S+575 bp | Sep 30, 2027 |
| A•••••• S•••••• A• | term loan first lien | $304M | $37.2M 99c | S+610 bp | Apr 28, 2028 |
| C•••• G••••• | term loan first lien | $27.4M | $37.1M 102c | S+625 bp | Dec 23, 2027 |
| K••••• F•••••• | preferred equity equity | Not disclosed | $36.1M 104c | 6.00% PIK 6.00% | |
| K••••• F•••••• | preferred equity equity | Not disclosed | $36.1M 104c | 6.00% PIK 6.00% | |
| S••••• Y•••• • F••••• S••••••• L•• | term loan first lien | $36.0M | $36.0M 100c | S+700 bp | Sep 1, 2023 |
| G••••• U•••••••• L•• | unstated lien unstated | $36.2M | $35.8M 100c | S+500 bp | Nov 1, 2026 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- FS Investment CORP; Franklin Square Investment CORPreported
- Latest schedule
- 0001628280-26-053783reported