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 Mar 31, 2026
925 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| H• D••• C• I•• | term loan first lien | $5.0M | $5.0M 100c | S+600 bp | Jun 1, 2031 |
| C••••• G•••• L•• | unstated lien unstated | $4.0M | $4.9M 96c | S+550 bp | Aug 1, 2030 |
| G••••• P••••••• H••••••• L•• | term loan first lien | $4.9M | $4.9M 100c | S+450 bp | Sep 1, 2028 |
| B•• G•••• L•• | term loan first lien | $4.8M | $4.8M 100c | S+530 bp | Feb 1, 2030 |
| N•••• C••• | unstated lien unstated | $4.9M | $4.8M 98c | S+450 bp | Jan 1, 2033 |
| W•••• S••••••• G•••• P•• L•• | unstated lien unstated | $7.4M | $4.8M 100c | S+500 bp | Mar 1, 2032 |
| F••••••••• R••• P••••••• C••• | term loan first lien | $4.8M | $4.8M 100c | S+480 bp | Oct 1, 2030 |
| C•••••• L•••••••• I•• M•••• & E••••••••• | equity equity | Not disclosed | $4.7M 63c | ||
| S••••• R••••••••• F•••••• D••••••••• A••••••• C•••••• ••• T•••••• M••••••••) | revolver lien unstated | $4.7M | $4.7M 100c | S+480 bp | Jan 1, 2028 |
| N••••• N••• H••••• I•• | unstated lien unstated | $4.7M | $4.6M 98c | S+450 bp | Sep 1, 2032 |
| C••••••••• C••••••••• I•• | unstated lien unstated | $4.5M | $4.6M 102c | S+480 bp | Aug 1, 2031 |
| S•••• S••••• I•• | term loan first lien | $4.7M | $4.6M 98c | S+480 bp | Dec 1, 2032 |
| S•• G••••• B•••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $4.5M 98c | ||
| B••••••• L•• | unstated lien unstated | $4.6M | $4.5M 98c | S+480 bp | Mar 1, 2032 |
| Z••••• H••••••• L•• | unstated lien unstated | $3.5M | $4.5M 102c | S+470 bp | Aug 1, 2031 |
| W•••••••• I•• | term loan first lien | $20.2M | $4.5M 23c | S+500 bp PIK 4.00% | Mar 1, 2030 |
| G• D•••••• L•• | unstated lien unstated | $4.5M | $4.5M 100c | S+480 bp | Mar 1, 2033 |
| S••••••• C••• o• A•••••• L•• | term loan first lien | $4.5M | $4.5M 100c | S+580 bp | Jun 1, 2027 |
| U•••• E••••••••• H••••••• P••• P•••••• E••••• | unstated lien unstated | Not disclosed | $4.4M 629c | ||
| P••• C••• | unstated lien unstated | $4.4M | $4.4M 100c | S+450 bp | Dec 1, 2032 |
| I••••••••• P•••• S••••••• L•• | unstated lien unstated | $4.4M | $4.4M 100c | S+450 bp | Nov 1, 2030 |
| C••••• G•••• L•• | unstated lien unstated | $3.5M | $4.4M 100c | S+550 bp | Aug 1, 2030 |
| S••••• M•• L•••••• | notes lien unstated | Not disclosed | $4.3M | ||
| C••••• G•••• L•• | unstated lien unstated | $3.6M | $4.3M 98c | S+550 bp | Aug 1, 2030 |
| S••••• M•• L••••••• B••• • F•••••••• S••••••• 1• Financial S••••••s | notes lien unstated | $4.3M | $4.3M 100c | S+1300 bp | Nov 1, 2033 |
| D••••• C•••••••• I•• | unstated lien unstated | $4.3M | $4.3M 100c | S+500 bp | Jun 1, 2031 |
| V•••• F•••• G•••• L•• F•••, B••••••• & T•••••• | term loan second lien | $3.8M | $4.3M 98c | S+750 bp | Oct 1, 2030 |
| C•••••• G•••• •••••• N•• G••••• | unstated lien unstated | $4.3M | $4.3M 100c | S+430 bp | Dec 1, 2028 |
| S••••• M•• L••••••• B••• • F•••••••• S••••••• 2• Financial S••••••s | notes lien unstated | $4.3M | $4.3M 100c | S+1300 bp | Jan 1, 2034 |
| M• C•••••••• H•••• P••••• 2• | term loan lien unstated | $4.3M | $4.3M 100c | S+750 bp | Apr 1, 2035 |
| M• C•••••••• H•••• P••••• 2• | term loan lien unstated | Not disclosed | $4.3M | S+750 bp | |
| S••••• M•• L•••••• | notes lien unstated | Not disclosed | $4.3M | ||
| W••• S••• A••••••• I•• | unstated lien unstated | $4.2M | $4.2M 100c | S+450 bp | May 1, 2032 |
| V••••• P••••••••• P•••••••• L•• | term loan first lien | $4.2M | $4.1M 98c | S+580 bp | Aug 1, 2029 |
| L••••• F•••• L•• C••••••• S•••••• D••••••••• & R••••• | equity equity | Not disclosed | $4.1M 51c | ||
| K••••• F•••••• 2•• | equity equity | Not disclosed | $4.0M | ||
| K••••• F•••••• 2•• I•••••••• | equity equity | Not disclosed | $4.0M 100c | ||
| A••••• A• | unstated lien unstated | $3.5M | $4.0M 103c | S+450 bp | Sep 1, 2031 |
| H••••••• H••••• I•• | unstated lien unstated | $3.9M | $3.9M 100c | S+550 bp | Nov 1, 2029 |
| K••••••• A••••• P••••••• L•• | unstated lien unstated | $3.8M | $3.8M 100c | S+430 bp | Aug 1, 2032 |
| C••••• R••••••••• | unstated lien unstated | $3.9M | $3.8M 97c | S+480 bp | Apr 1, 2032 |
| C•••• G••••• | term loan first lien | $3.8M | $3.8M 100c | S+580 bp | Mar 1, 2029 |
| A••••••• S•••••••• G•••• L•• | unstated lien unstated | Not disclosed | $3.7M | ||
| A••••••• S•••••••• G•••• L•• | term loan first lien | $3.7M | $3.7M 100c | S+630 bp PIK 5.30% | Feb 1, 2030 |
| N•• H••• | unstated lien unstated | $32.7M | $3.7M 12c | S+1000 bp | Dec 1, 2026 |
| A••••• L•• | unstated lien unstated | $3.7M | $3.7M 100c | S+420 bp | Jul 1, 2031 |
| V•••••••• L•• | unstated lien unstated | $3.7M | $3.7M 100c | S+480 bp | Nov 1, 2031 |
| C•••••••• B••••• I•• | term loan first lien | $3.8M | $3.6M 95c | S+530 bp | Jul 1, 2031 |
| I•••••• I• | unstated lien unstated | $3.6M | $3.6M 100c | S+450 bp | Jan 1, 2032 |
| J• S• H••• L•• | term loan first lien | $3.5M | $3.5M 100c | S+480 bp | Jun 1, 2028 |
| J• S• H••• L•• | term loan first lien | $3.5M | $3.5M 100c | S+480 bp | Jun 1, 2028 |
| F•••••••• H••••••• L•• | unstated lien unstated | $3.7M | $3.5M 95c | S+530 bp | Aug 1, 2031 |
| Z••••• H••••••• L•• | unstated lien unstated | $2.8M | $3.5M 97c | S+470 bp | Aug 1, 2031 |
| L••••••• E••••••••• C••••••• | unstated lien unstated | $3.5M | $3.5M 100c | S+480 bp | Jul 1, 2032 |
| A••••• H••••••• L•• ••• A•••• F•••••••• M•••••• C••••••••• | unstated lien unstated | $2.6M | $3.5M 100c | S+480 bp | Aug 1, 2031 |
| N••••• N••• H••••• I•• | unstated lien unstated | $3.5M | $3.4M 97c | S+450 bp | Sep 1, 2032 |
| N•• E•• T••••••••• L•• | term loan first lien | $3.4M | $3.4M 100c | S+630 bp | Jun 1, 2030 |
| C••••••• C••• O••••••••• I•• | unstated lien unstated | $3.4M | $3.4M 100c | S+500 bp | Jul 1, 2032 |
| A••••••• S•••••••• G•••• L•• I•••••••• | term loan first lien | $3.9M | $3.3M 85c | S+800 bp | Feb 1, 2030 |
| R••••• S••••••• H••••••• I•• | term loan first lien | $3.3M | $3.3M 100c | S+500 bp | Oct 1, 2029 |
| A••••••• S•••••••• G•••• L•• | unstated lien unstated | Not disclosed | $3.3M | ||
| P••••••••• I•• | term loan first lien | $3.2M | $3.2M 100c | S+580 bp | Aug 1, 2026 |
| M••••• A••••••• I•• | unstated lien unstated | $3.2M | $3.2M 100c | S+450 bp | Oct 1, 2030 |
| N•••• H••••••••• H•••••• A• P•••••••••, B••••••••• & L••• S••••••• | equity equity | Not disclosed | $3.2M 100c | ||
| H•••••• C•• B•••• L•• | unstated lien unstated | $3.2M | $3.2M 100c | S+480 bp | Mar 1, 2032 |
| M•••• N• I•• | unstated lien unstated | $3.2M | $3.2M 100c | S+480 bp | Jun 1, 2031 |
| B•• G•••• L•• | term loan first lien | $3.2M | $3.2M 100c | S+530 bp | Feb 1, 2030 |
| O•••• S••••••• G•••• | unstated lien unstated | $3.2M | $3.2M 100c | S+450 bp | Nov 1, 2032 |
| A••••• A•••••••• L•• | unstated lien unstated | $3.2M | $3.1M 97c | S+450 bp | Aug 1, 2032 |
| S•••• L•• | term loan first lien | $3.2M | $3.1M 97c | S+480 bp | Jan 1, 2029 |
| S••••••• C••••••••• L•• T••••••••• S••••••s | equity equity | Not disclosed | $3.1M 44c | ||
| M•• C•••••• M••••••••• L•• | unstated lien unstated | $3.1M | $3.1M 100c | S+480 bp | Aug 1, 2031 |
| S••••• S•••••••• I•• | unstated lien unstated | $3.3M | $3.1M 94c | S+450 bp | Sep 1, 2032 |
| C•• L•••• G•••• L•• | unstated lien unstated | $3.1M | $3.1M 100c | S+500 bp | Dec 1, 2032 |
| C••••• R••••••••• | unstated lien unstated | $3.2M | $3.0M 94c | S+480 bp | Apr 1, 2032 |
| C••••••••• C••••••••• I•• | unstated lien unstated | $3.0M | $3.0M 100c | S+480 bp | Aug 1, 2031 |
| C•• L•••• G•••• L•• | unstated lien unstated | $3.0M | $2.9M 97c | S+530 bp | Dec 1, 2032 |
| R••••••• I•• | unstated lien unstated | $2.8M | $2.8M 100c | S+430 bp | May 1, 2032 |
| H••••••• H••••• I•• | unstated lien unstated | $2.8M | $2.8M 100c | S+550 bp | Nov 1, 2029 |
| V•••••• I••••••••• P••••••••• I•• | unstated lien unstated | $2.9M | $2.8M 97c | S+480 bp | Jan 1, 2032 |
| S•••••• L•••• L•• | unstated lien unstated | $2.8M | $2.8M 100c | S+450 bp | Dec 1, 2032 |
| S••••••• F••••••••• A•• E••••• • F•••••••• S••••••• Financial S••••••s | equity equity | Not disclosed | $2.8M 108c | ||
| E••••••••• L•• T••••••••• | term loan first lien | $2.7M | $2.8M 100c | S+500 bp | Jul 1, 2029 |
| W••••• E••••••••• G•••• L•• | term loan first lien | $2.8M | $2.8M 100c | S+430 bp | Oct 1, 2028 |
| C•••••• F••• P••••••••• | unstated lien unstated | $2.4M | $2.8M 112c | S+450 bp | Jul 1, 2031 |
| A••• S•••••• P••••••• L•• | unstated lien unstated | $2.8M | $2.8M 100c | S+500 bp | Oct 1, 2029 |
| I••••••••• I•• | unstated lien unstated | $2.8M | $2.7M 96c | S+530 bp | May 1, 2028 |
| I••••••••• I•• | unstated lien unstated | $2.8M | $2.7M 96c | S+530 bp | May 1, 2028 |
| K••••• F•••••• | equity equity | Not disclosed | $2.7M | ||
| K••••• F••••••• A•• E••••• • I•••••••• I•••••••• | equity equity | Not disclosed | $2.7M 540c | ||
| V•••••••• L•• | unstated lien unstated | $2.6M | $2.6M 100c | S+480 bp | Nov 1, 2031 |
| 3•••••• G••••• I•• | term loan first lien | $2.9M | $2.6M 90c | S+600 bp | Nov 1, 2026 |
| W•••• S••••••• G•••• P•• L•• | unstated lien unstated | $3.9M | $2.6M 124c | S+500 bp | Mar 1, 2032 |
| N•••• C••• | unstated lien unstated | $2.6M | $2.6M 100c | S+450 bp | Jan 1, 2033 |
| V••••• P••••••••• P•••••••• L•• | term loan first lien | $2.5M | $2.5M 104c | S+580 bp | Aug 1, 2029 |
| i•••• P••••••••• ••••••••• P•• L•••••• P•••••••••, B••••••••• & L••• S••••••• | unstated lien unstated | $3.9M | $2.5M 100c | S+480 bp | Nov 1, 2031 |
| T•••••••• S••••••• I•• | unstated lien unstated | $2.5M | $2.5M 100c | S+500 bp | Jun 1, 2031 |
| N•• E•• T••••••••• L•• S••••••• & S••••••s | preferred equity equity | Not disclosed | $2.4M 50c | ||
| A••• S•••••• P••••••• L•• | unstated lien unstated | $2.4M | $2.4M 100c | S+500 bp | Oct 1, 2029 |
| I••••••••• I•• | unstated lien unstated | $2.5M | $2.4M 96c | S+530 bp | May 1, 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
- Former names
- FS Investment CORP; Franklin Square Investment CORPreported
- Latest schedule
- 0001628280-26-053783reported