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, 2024
1,400 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S•••••• E•••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $31.3M | $31.2M 100c | S+475 bp | Aug 15, 2031 |
| N••••• C•••••• G•••• H•••••• A• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $30.6M | $31.2M 98c | S+575 bp | Jun 10, 2031 |
| A•••• G•••• I••••••••• H••••••• I•• I•••••••• | term loan first lien | $31.1M | $31.1M 100c | S+525 bp | Oct 2, 2028 |
| A•••• G•••• I••••••••• H••••••• I•• | term loan first lien | $31.1M | $31.1M 100c | S+525 bp | Oct 2, 2028 |
| S••••••• B••••• L•• | unstated lien unstated | $30.8M | $31.0M 102c | S+575 bp | Jul 25, 2028 |
| S••••••• B••••• L•• C••••••• S••••••s | unstated lien unstated | $30.8M | $31.0M 102c | S+575 bp | Jul 25, 2028 |
| S••••••• C••• o• A•••••• I•• | term loan first lien | $30.3M | $30.3M 100c | PIK 5.75% | Jun 30, 2027 |
| S••••••• C••• o• A•••••• I•• C••••••••• & P••••••••• S••••••s | term loan first lien | $30.3M | $30.3M 100c | PIK 5.75% | Jun 30, 2027 |
| C•••••••• I••••••••• I•• S••••••• & S••••••s | term loan first lien | $30.1M | $30.1M 104c | S+550 bp | Apr 19, 2028 |
| C•••••••• I••••••••• I•• S••••••• & S••••••s | term loan first lien | $30.1M | $30.1M 104c | S+550 bp | Apr 19, 2028 |
| M•••• N• I•• | unstated lien unstated | $29.8M | $29.8M 101c | S+500 bp | Jun 27, 2031 |
| M•••• N• I•• S••••••• & S••••••s | unstated lien unstated | $29.8M | $29.8M 101c | S+500 bp | Jun 27, 2031 |
| G•••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $31.9M | $29.6M 100c | PIK 12.00% | Feb 28, 2027 |
| G•••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $31.9M | $29.6M 100c | PIK 12.00% | Feb 28, 2027 |
| G•••••• L•• | unstated lien unstated | Not disclosed | $29.6M | ||
| B••• I•• | unstated lien unstated | Not disclosed | $29.5M | ||
| D••• I•••••••• H••••••• L•• | unstated lien unstated | $29.2M | $29.5M 101c | S+525 bp | Dec 20, 2030 |
| D••• I•••••••• H••••••• L•• I•••••••• | unstated lien unstated | $29.2M | $29.5M 101c | S+525 bp | Dec 20, 2030 |
| B••• I•• | unstated lien unstated | Not disclosed | $29.5M | ||
| B••• I•• C••••••• D••••••••• D••••••••• & R••••• | unstated lien unstated | $29.4M | $29.5M 100c | S+1500 bp | Jul 23, 2029 |
| B••• I•• C••••••• D••••••••• D••••••••• & R••••• | unstated lien unstated | $29.4M | $29.5M 100c | S+1500 bp | Jul 23, 2029 |
| L•••••• I•• C••••••••• & P••••••••• S••••••s | term loan first lien | $28.6M | $28.9M 101c | S+625 bp | May 18, 2029 |
| L•••••• I•• | term loan first lien | $28.6M | $28.9M 101c | S+625 bp | May 18, 2029 |
| I•••••• G••••• L•• C••••••••• & P••••••••• S••••••s | term loan first lien | $28.5M | $28.5M 100c | S+600 bp | Sep 22, 2028 |
| I•••••• G••••• L•• | term loan first lien | $28.5M | $28.5M 100c | S+600 bp | Sep 22, 2028 |
| B•• U•• P• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $28.1M | $28.1M 102c | S+500 bp | Aug 31, 2028 |
| B•• U•• P• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $28.1M | $28.1M 102c | S+500 bp | Aug 31, 2028 |
| S••• D••••••••• L•• | unstated lien unstated | $28.5M | $27.9M 99c | S+600 bp | Oct 30, 2029 |
| S••• D••••••••• L•• Capital G•••• | unstated lien unstated | $28.5M | $27.9M 99c | S+600 bp | Oct 30, 2029 |
| P•••• S• L••• S••••••••• M•••••••• • E••••• R••• E••••• I••• Equity Real Estate Investment Trusts (R••••) | subordinated debt unsecured or subordinated | $62.4M | $27.6M 45c | 5.00% PIK 6.00% | Mar 12, 2030 |
| P•••• S• L••• S••••••••• M••••••••• E••••• R••• E••••• I•••• | subordinated debt unsecured or subordinated | $62.4M | $27.6M 45c | 5.00% PIK 6.00% | Mar 12, 2030 |
| P•••• S• L••• S••••••••• M•••••••• | subordinated debt unsecured or subordinated | Not disclosed | $27.6M | ||
| B••• I•• | equity equity | Not disclosed | $27.1M 154c | ||
| B••• I•• | equity equity | Not disclosed | $27.1M | ||
| B••• I•• | equity equity | Not disclosed | $27.1M | ||
| B••• I•• C••••••• D••••••••• D••••••••• & R••••• | equity equity | Not disclosed | $27.1M 154c | ||
| W••••••••• P••••••• L•• | revolver lien unstated | $26.2M | $26.4M 101c | S+575 bp | Dec 19, 2026 |
| W••••••••• P••••••• L•• | revolver lien unstated | $26.2M | $26.4M 101c | S+575 bp | Dec 19, 2026 |
| M••••• A••••••• I•• | unstated lien unstated | $25.8M | $25.9M 100c | S+475 bp | Oct 4, 2030 |
| M••••• A••••••• I•• Financial S••••••s | unstated lien unstated | $25.8M | $25.9M 100c | S+475 bp | Oct 4, 2030 |
| C•••••••• S••••• G•••• A• | unstated lien unstated | $25.0M | $25.8M 97c | S+600 bp | Apr 7, 2031 |
| C•••••••• S••••• G•••• A• Capital G•••• | unstated lien unstated | $25.0M | $25.8M 97c | S+600 bp | Apr 7, 2031 |
| O•• C••• C••• M••••••••• I•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $30.2M | $25.1M 87c | PIK 8.50% | Nov 1, 2028 |
| O•• C••• C••• M••••••••• I•• | unstated lien unstated | $30.2M | $25.1M 87c | PIK 8.50% | Nov 1, 2028 |
| O•• C••• C••• M••••••••• I•• | unstated lien unstated | Not disclosed | $25.1M | ||
| H••• I•• | term loan first lien | $24.5M | $24.7M 102c | S+625 bp | May 4, 2027 |
| H••• I•• C••••••••• & P••••••••• S••••••s | term loan first lien | $24.5M | $24.7M 102c | S+625 bp | May 4, 2027 |
| A••••• J•• A•• E••••• • I•••••••• I•••••••• | equity equity | Not disclosed | $24.6M 70c | ||
| A••••• J•• A•• E••••• I•••••••• | unstated lien unstated | Not disclosed | $24.6M 70c | ||
| A••••• J• | equity equity | Not disclosed | $24.6M | ||
| A••••• R•••••••• U•••• H••••••• L•• • A•• F•••••• C•••• T•••• C•••• E••••• | unstated lien unstated | Not disclosed | $24.5M 138c | ||
| A••••• R•••••••• U•••• H••••••• L•• • A•• F•••••• C•••• T•••• C•••• E••••• | unstated lien unstated | Not disclosed | $24.5M 138c | ||
| N•• E•• T••••••••• I•• | term loan first lien | $24.9M | $24.4M 100c | S+625 bp | Oct 31, 2026 |
| N•• E•• T••••••••• I•• S••••••• & S••••••s | term loan first lien | $24.9M | $24.4M 100c | S+625 bp | Oct 31, 2026 |
| L•••• L•••••••• I•• | unstated lien unstated | $24.1M | $24.3M 101c | S+500 bp | May 6, 2030 |
| L•••• L•••••••• I•• T••••••••• | unstated lien unstated | $24.1M | $24.3M 101c | S+500 bp | May 6, 2030 |
| R••••••••• C•••••• M••••••••• L• | unstated lien unstated | $23.8M | $24.0M 102c | S+475 bp | Apr 4, 2031 |
| R••••••••• C•••••• M••••••••• L• Financial S••••••s | unstated lien unstated | $23.8M | $24.0M 102c | S+475 bp | Apr 4, 2031 |
| M•••• L•••• S••••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $23.2M | $23.5M 102c | S+650 bp | Nov 22, 2029 |
| E•••••••• T••••••••• C••• T••••••••• H••••••• & E•••••••• | term loan first lien | $23.4M | $23.5M 100c | S+525 bp | Aug 12, 2029 |
| E•••••••• T••••••••• C••• | term loan first lien | $23.4M | $23.5M 100c | S+525 bp | Aug 12, 2029 |
| M•••• L•••• S••••••• L•• | unstated lien unstated | $23.2M | $23.5M 102c | S+650 bp | Nov 22, 2029 |
| S••• M••••••• D••••••••• C••••• I••••• F••• I••• L•• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $23.4M 100c | ||
| S••• M••••••• D••••••••• C••••• I••••• F••• I••• L•• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $23.4M 100c | ||
| V•••••• S•••••• F•••••• T••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $23.1M 109c | ||
| V•••••• S•••••• F•••••• T••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $23.1M 109c | ||
| D••• I•••••••• H••••••• L•• I•••••••• | unstated lien unstated | $22.6M | $22.8M 101c | S+500 bp | Dec 20, 2030 |
| D••• I•••••••• H••••••• L•• | unstated lien unstated | $22.6M | $22.8M 101c | S+500 bp | Dec 20, 2030 |
| G••••••• H••••••• L••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $22.3M 108c | ||
| G••••••• H••••••• L•• | equity equity | Not disclosed | $22.3M | ||
| G••••••• H••••••• L••• A•• E••••• | unstated lien unstated | Not disclosed | $22.3M 108c | ||
| A•••• L••••• S••••••• & S••••••s | preferred equity equity | Not disclosed | $22.2M 107c | S+950 bp | Apr 30, 2031 |
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $22.2M | ||
| A•••• L••••• | preferred equity equity | Not disclosed | $22.2M 107c | S+950 bp | Apr 30, 2031 |
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $22.2M | ||
| A••• S•••••• P••••••• L•• | unstated lien unstated | $22.1M | $22.2M 100c | S+500 bp | Oct 24, 2030 |
| A••• S•••••• P••••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $22.1M | $22.2M 100c | S+500 bp | Oct 24, 2030 |
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $22.2M | ||
| C•••••••• T••••••••• L•• | term loan first lien | $21.7M | $21.9M 101c | S+575 bp | Feb 13, 2031 |
| C•••••••• T••••••••• L•• Capital G•••• | term loan first lien | $21.7M | $21.9M 101c | S+575 bp | Feb 13, 2031 |
| D••••••• F•••••••• S•••••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $21.7M 104c | ||
| D••••••• Financial S••••••s | equity equity | Not disclosed | $21.7M | ||
| C•••••••• T••••••••• L•• Capital G•••• | term loan first lien | $21.7M | $21.7M 100c | S+575 bp | Feb 13, 2030 |
| D••••••• F•••••••• S•••••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $21.7M 104c | ||
| C•••••••• T••••••••• L•• | term loan first lien | $21.7M | $21.7M 100c | S+575 bp | Feb 13, 2030 |
| D•••••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $21.5M | $21.5M 100c | S+525 bp | Aug 5, 2028 |
| D•••••••• L•• | unstated lien unstated | $21.5M | $21.5M 100c | S+525 bp | Aug 5, 2028 |
| C•••• G••••• I•• | revolver lien unstated | $21.3M | $21.3M 100c | S+625 bp | Jan 29, 2029 |
| C•••• G••••• I•• | revolver lien unstated | $21.3M | $21.3M 100c | S+625 bp | Jan 29, 2029 |
| W••••• R•••••••• I•• E••••• | term loan first lien | $24.3M | $21.0M 86c | S+400 bp | Dec 1, 2026 |
| W••••• R•••••••• I•• E••••• | term loan first lien | $24.3M | $21.0M 86c | S+400 bp | Dec 1, 2026 |
| O•• C••• C••• M••••••••• I•• | preferred equity equity | Not disclosed | $20.7M | ||
| O•• C••• C••• M••••••••• I•• | equity equity | Not disclosed | $20.7M 91c | ||
| H••• I•• C••••••••• & P••••••••• S••••••s | term loan first lien | $20.0M | $20.4M 103c | S+625 bp | May 4, 2027 |
| H••• I•• | term loan first lien | $20.0M | $20.4M 103c | S+625 bp | May 4, 2027 |
| W••••• E••••••••• G•••• L•• | term loan first lien | $20.0M | $19.9M 100c | S+500 bp | Oct 4, 2028 |
| W••••• E••••••••• G•••• L•• Financial S••••••s | term loan first lien | $20.0M | $19.9M 100c | S+500 bp | Oct 4, 2028 |
| C•••••• G•••• •••••• N•• G••••• | unstated lien unstated | $19.6M | $19.8M 101c | S+500 bp | Dec 1, 2028 |
| A•••••••• M••••••• I• | equity equity | Not disclosed | $19.8M | ||
| A•••••••• M••••••• I•• A•• E••••• T••••••••• | unstated lien unstated | Not disclosed | $19.8M 101c |
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