DFX Intelligence

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F• K•• C•••••• C•••

Business development companymanaged by F••••• A••••••• L••Listed: FSK· PHILADELPHIA, PA

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 2026-06-30 · 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 (942)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$1.44B
on 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•• →
$114M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open H••••• T••••••••• S•••••• L•• →
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.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1422183 · file 814-00757Show

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

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 quarters

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
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

Placed on non-accrualJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C••••• O••••••••• P••••••• J•• L•• other
1 BDC hold it
$2.0B 166c
K••••••••• B••••••••• S••••••• L•• first lien term loan
3 BDCs hold it · matures Nov 6, 2028
$338M 74c
P••••••••• R••••••• G•••• L•• first lien term loan
2 BDCs hold it · matures Oct 1, 2030
$319M 104c
P•••••• C••• second lien term loan
7 BDCs hold it · matures Feb 1, 2029
$297M 70c
S••••• L•• second lien term loan
1 BDC hold it · matures Jun 1, 2029
$280M 79c
G••••• U•••••••• L•• first lien term loan
1 BDC hold it · matures May 1, 2028 · possible sponsor G••••••• C•••••• P••••••• L•
$241M 98c
M•••••••• I•• first lien term loan
5 BDCs hold it · matures Oct 29, 2028
$234M 50c
N••••• C•••••• G•••• H•••••• A• other
1 BDC hold it · matures Jun 1, 2031
$232M 111c
A•••••• S•••••• A• first lien term loan
1 BDC hold it · matures Jun 1, 2031
$218M 96c
T••••• L•• first lien term loan
1 BDC hold it · matures Jun 1, 2028
$192M 80c
A•• N••••••• C••• other
1 BDC hold it · matures Sep 1, 2028
$184M 127c
M•• D••••• S••••••••• L•• first lien term loan
3 BDCs hold it · matures Feb 13, 2031
$167M 100c

Schedule of investments at Sep 30, 2022

541 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C••••• O••••••••• P••••••• J•• L••	unstated lien unstated	$1.6B	$1.5B 93c
K••••••••• B••••••••• S••••••• L••	term loan first lien	$370M	$353M 98c	S+600 bp	Nov 7, 2026
S••••• L••	term loan second lien	$312M	$308M 104c	S+800 bp	Jun 4, 2029
P••• L•• ••• C•••••••••	term loan first lien	$293M	$293M 103c	S+625 bp	Mar 9, 2026
C•••••••• T••••••••• L••	term loan first lien	$295M	$292M 103c	S+625 bp	Dec 14, 2026
M•• D••••• S•••••••• L••	term loan first lien	$274M	$270M 102c	S+600 bp	Jan 29, 2027
R•••••• L•• ••• T••••• C•••••• P••••••• L•••• P•••••• E•••••• A•••• B•••• F•••••• Real Estate	unstated lien unstated	Not disclosed	$260M 110c
P• E••••• S•••••••• I•••	term loan first lien	$247M	$243M 104c	S+675 bp	Feb 2, 2026
R•• I•••••••• B•••••••• I••	term loan first lien	$241M	$239M 102c	S+550 bp	Oct 30, 2026
G••••• J•• C•••••• L••	preferred equity equity	$443M	$232M 75c		Oct 1, 2028
a••••••••• I••	preferred equity equity	Not disclosed	$229M 87c	PIK 10.80%
L••••• F•••• L••	term loan first lien	$229M	$229M 103c	S+575 bp	Jan 6, 2025
M••••••• I••	term loan first lien	$205M	$203M 100c	S+675 bp	Oct 29, 2028
I•••••• G••••• L••	term loan first lien	$204M	$201M 99c	S+600 bp	Sep 22, 2028
M••••••• N•••••• R•••••••• L••	equity equity	Not disclosed	$193M 228c
G•••••••• E••••• M••••• C•••	term loan first lien	$195M	$189M 102c	S+725 bp	Apr 1, 2026
C•••• G•••••	term loan first lien	$187M	$187M 103c	S+625 bp	Dec 23, 2027
J••••• F••••••• I••	term loan first lien	$183M	$185M 106c	S+625 bp	Nov 30, 2026
4•••••• S•••••••• L••	term loan first lien	$183M	$179M 99c	S+550 bp	Nov 30, 2026
E••••••• I••	term loan second lien	$179M	$178M 104c	S+800 bp	Oct 9, 2028
P•••••• C•••	term loan second lien	$175M	$172M 104c	S+800 bp	Feb 1, 2029
G•••••• I••	term loan first lien	$171M	$165M 98c	S+575 bp	Mar 9, 2029
W••••••• I••	term loan first lien	$160M	$154M 100c	S+600 bp	Apr 5, 2028
P••••••••• R••••••• G•••• L••	term loan first lien	$146M	$149M 107c	S+300 bp PIK 5.50%	Aug 21, 2024
G•••••• D••••••• L•	term loan first lien	$157M	$149M 95c	S+625 bp	Jun 18, 2027
O•••••• I••••••••• I••	term loan first lien	$156M	$149M 99c	S+850 bp	Oct 8, 2026
T••••• L••	term loan first lien	$180M	$146M 89c	S+650 bp	Nov 28, 2025
A••••••• A••••••••• P•••••• E•••••• A•••• B•••• F•••••• Capital G••••	unstated lien unstated	Not disclosed	$135M 113c
B••••• I••	term loan first lien	$132M	$132M 103c	S+575 bp	Apr 28, 2028
H••••• T••••••••• S•••••• L••	term loan first lien	$137M	$132M 101c	S+575 bp	Dec 3, 2026
M•••• B•••• M•••••• G•••• L••	term loan first lien	$141M	$131M 98c	S+800 bp PIK 1.50%	Dec 14, 2026
D••••• C••• A••••••• I••	term loan first lien	$131M	$130M 102c	S+600 bp	Apr 3, 2028
P•••••• C•••	term loan second lien	$130M	$129M 104c	S+775 bp	Feb 1, 2029
T•••• S••••••• I••	preferred equity equity	Not disclosed	$127M 100c	PIK 12.00%
C•••••••• C••••••••• F•••••• L••• 2•	term loan lien unstated	$125M	$126M 106c	S+900 bp	Nov 3, 2025
L••••••••• T••••••••• I••	term loan first lien	$124M	$126M 104c	S+700 bp	Dec 29, 2025
T••••••••• S••••••• G•••• L••	term loan first lien	$126M	$126M 102c	S+650 bp	Oct 15, 2026
J• S• H••• L••	term loan first lien	$126M	$125M 101c	S+550 bp	Jul 1, 2025
I•••••••• M•••••••• G•••• L••	term loan first lien	$125M	$122M 98c	S+550 bp	Aug 27, 2025
L•••••• I••	term loan first lien	$121M	$119M 101c	S+625 bp	May 18, 2029
B•• G•••• L••	term loan first lien	$111M	$110M 99c	S+575 bp	Aug 16, 2027
P••••••••• H••••• H••••••• I••	term loan first lien	$108M	$107M 100c	S+600 bp	Jul 12, 2027
J• A••••••• C•	preferred equity equity	Not disclosed	$105M 54c	PIK 6.30%	Feb 15, 2028
G••••• P••••••• H••••••• L••	term loan first lien	$106M	$104M 100c	S+525 bp	Sep 29, 2028
O••••••• L••• I••• S•••••••••	subordinated debt unsecured or subordinated	$107M	$102M 95c	S+1000 bp	Apr 1, 2026
H••• I••	term loan first lien	$99.6M	$101M 106c	S+625 bp	May 4, 2027
L•••••••• V••••••••• G••••	term loan first lien	$104M	$101M 98c	S+550 bp	Nov 23, 2028
A••••••• P••••••• M••••••••• I••	term loan first lien	$102M	$98.4M 98c	S+550 bp	Feb 25, 2028
P•••• T••• L••	term loan first lien	$101M	$97.4M 98c	S+550 bp	Nov 1, 2028
J•• E••• I••••••••• L••	term loan lien unstated	$94.2M	$97.0M 103c	10.00% PIK 2.00%	Apr 2, 2026
S••••• I••••••••• I••	term loan first lien	$97.5M	$93.1M 96c	S+600 bp	Sep 22, 2028
3•••••• G••••• I••	term loan first lien	$95.5M	$92.9M 98c	S+575 bp	Nov 23, 2027
R•••••• R•••• H••••••• C••••••••• L••	term loan first lien	$107M	$89.9M 89c	S+625 bp	Feb 28, 2026
O••••• G••••• R•••••••• L••	term loan first lien	$87.7M	$87.2M 100c	S+600 bp	Aug 17, 2027
G••••• U•••••••• L••	term loan first lien	$88.3M	$86.8M 98c	S+575 bp	Nov 12, 2026
P••• F•••••• I••	term loan second lien	$100M	$86.7M 91c	S+838 bp	Dec 21, 2026
F••••••••• C••••••• B••••• L••	term loan first lien	$85.6M	$86.5M 105c	S+550 bp	Feb 12, 2027
I•••••••• C•••••• E••••••• S••	term loan first lien	$88.8M	$85.6M 84c	S+725 bp	Sep 27, 2026
M• C•••••••• H•••• P••••• 2• P•••••• E•••••• A•••• B•••• F•••••• Real Estate	unstated lien unstated	Not disclosed	$85.0M 100c
W••••• H•••••• G•••	term loan second lien	$113M	$82.7M 68c	S+850 bp PIK 0.50%	Sep 23, 2027
A•••••• S•••••• A•	term loan first lien	$934M	$81.2M 77c	S+610 bp	Apr 28, 2028
J• A••••••• C•• O••••	term loan lien unstated	$76.5M	$78.5M 104c	S+1030 bp	Jun 1, 2026
K••••• F••••••	preferred equity equity	$75.9M	$75.9M 102c	PIK 12.00%
V••••• P••••••••• P•••••••• L••	term loan first lien	$75.2M	$74.5M 100c	S+575 bp	Aug 31, 2029
O••••••••• L••	term loan second lien	$76.1M	$73.8M 97c	S+700 bp	Sep 25, 2027
L••••••• F•••• I••	term loan first lien	$76.4M	$73.2M 98c	S+625 bp	Jun 10, 2027
A••••••• V••••• P•••••••	term loan first lien	$74.4M	$72.6M 98c	S+575 bp	Sep 30, 2027
S••••••• C••• o• A•••••• I••	term loan first lien	$72.4M	$72.4M 103c	S+575 bp	Nov 30, 2026
F•••••• S••••••• C•	term loan first lien	$73.9M	$72.3M 99c	S+575 bp	Aug 31, 2028
B••••• F•••••• I••	term loan first lien	$75.0M	$70.0M 94c	S+1000 bp	Apr 30, 2026
I••••••••• F•••••••••	term loan first lien	$69.6M	$69.4M 105c	S+625 bp	Nov 22, 2025
S•••• L••	term loan first lien	$68.4M	$69.0M 106c	S+550 bp	Jan 20, 2027
K•• C•••• I• A••••••••• L•	equity equity	Not disclosed	$68.5M 110c
P••••••••• R••••••• G•••• L••	term loan first lien	$62.3M	$64.2M 108c	S+500 bp PIK 3.10%	Aug 21, 2024
P••••••••• I••	term loan first lien	$65.3M	$64.1M 99c	S+575 bp	Aug 23, 2028
M••••• R••••••••• P••••••• L••	term loan first lien	$64.2M	$64.0M 100c	S+650 bp	Dec 20, 2025
F••••••••• R••• P••••••• C•••	term loan first lien	$65.8M	$64.0M 99c	S+550 bp	Oct 29, 2028
P•• I•• L••	preferred equity equity	Not disclosed	$63.4M 350c		Aug 21, 2024
E•••••• M•••••••• T••••••••• G•••• U• H••••••• I••	subordinated debt unsecured or subordinated	$65.9M	$63.2M 98c	PIK 8.50%	Jul 9, 2031
5• A••• I••••• F••• 2• L••	term loan first lien	$97.5M	$62.4M 87c	9.00%	Nov 18, 2023
P•••••• C••••• L••	term loan first lien	$55.9M	$62.2M 85c	S+650 bp	Jan 16, 2026
E••••• D•••••• I••	term loan first lien	$65.1M	$62.1M 97c	S+550 bp	Dec 20, 2028
M•••• L••	preferred equity equity	Not disclosed	$60.2M 102c	PIK 10.25%
P••••••••• A••••••••• L••	term loan first lien	$60.0M	$60.0M 105c	S+700 bp	Jul 13, 2024
A••••••• P••••••• M••••••••• I••	term loan first lien	$61.4M	$59.6M 97c	S+550 bp	Feb 25, 2028
M••••• R••••••••• P••••••• L••	term loan first lien	$59.6M	$59.5M 100c	S+650 bp	Dec 22, 2025
U•••• E••••••••• H••••••• P••	subordinated debt unsecured or subordinated	$62.4M	$58.0M 96c	S+725 bp	Jan 31, 2030
8•• 5•• A••• S••••••• S••••••••	subordinated debt unsecured or subordinated	$57.2M	$57.2M 103c	S+800 bp PIK 3.00%	Dec 19, 2029
M•••••••••	term loan first lien	$56.3M	$56.4M 101c	S+600 bp	Sep 15, 2027
N•• I••	term loan first lien	$77.3M	$55.2M 72c	S+750 bp	Aug 15, 2024
M••••• R••••••••• P••••••• L••	term loan first lien	$54.8M	$54.7M 107c	S+650 bp	Dec 22, 2025
M••••••••• I••••••••• I••	term loan first lien	$58.4M	$54.6M 97c	S+600 bp	Jul 3, 2024
S••••••• H••••••• C•••	term loan first lien	$55.3M	$53.5M 98c	S+575 bp	Dec 22, 2027
A••• G•••• L••••••	term loan second lien	$55.0M	$53.4M 99c	S+675 bp	Jul 27, 2029
U•••• E••••••••• H••••••• P••	subordinated debt unsecured or subordinated	$58.2M	$52.9M 94c	S+900 bp	Jan 31, 2031
K•••• S•••• I••	term loan first lien	$52.5M	$52.7M 105c	S+700 bp	Dec 21, 2025
A••••• J•• P•••••• E•••••• A•••• B•••• F•••••• I••••••••	unstated lien unstated	Not disclosed	$52.3M 109c
S••••• C••• L••	term loan first lien	$52.9M	$51.8M 100c	S+650 bp	Jun 30, 2027
O••••••• L••• I••• S•••••••••	subordinated debt unsecured or subordinated	$53.4M	$50.9M 95c	S+1000 bp	Apr 1, 2026
N•• E•• T••••••••• I••	term loan first lien	$51.2M	$50.3M 101c	S+625 bp	Oct 31, 2026

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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