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 |
|---|---|---|---|---|---|
| J••••••• H••••••• L•• S••••••• & S••••••s | unstated lien unstated | $2.4M | $2.4M 100c | S+480 bp | Oct 1, 2032 |
| G••••••• I•• | unstated lien unstated | $2.3M | $2.3M 100c | S+530 bp | Jan 1, 2031 |
| C•••••••• T••••••••• L•• | term loan first lien | $2.3M | $2.3M 100c | S+480 bp | Feb 1, 2032 |
| A••••••• V••••• P•••••••• P•••••• E••••• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | Not disclosed | $2.3M 85c | ||
| W••••••• I•• | term loan first lien | $2.3M | $2.3M 100c | S+450 bp | Apr 1, 2031 |
| V••••••• S••••••• L•• | term loan first lien | $2.0M | $2.3M 144c | S+470 bp | Jul 1, 2029 |
| E•••••••• T••••••••• C••• | term loan first lien | $2.4M | $2.3M 96c | S+530 bp | Aug 1, 2028 |
| C••••••••• H••••••• L•• Capital G•••• | unstated lien unstated | $8.0M | $2.3M 29c | S+900 bp | Dec 1, 2028 |
| A••••• H••••••• L•• ••• A•••• F•••••••• M•••••• C••••••••• | unstated lien unstated | $1.8M | $2.3M 100c | S+480 bp | Aug 1, 2031 |
| A••••••• S•••••••• G•••• L•• | term loan first lien | $2.3M | $2.3M 100c | S+530 bp | Feb 1, 2030 |
| D••• I•••••••• H••••••• L•• | unstated lien unstated | $2.4M | $2.3M 96c | S+450 bp | Dec 1, 2029 |
| A••• G•••• L•••••• Financial S••••••s | unstated lien unstated | $2.4M | $2.2M 92c | S+350 bp | Feb 1, 2032 |
| F••••••••• R••• P••••••• C••• | term loan first lien | $2.2M | $2.2M 100c | S+480 bp | Oct 1, 2029 |
| S••••• M•• L•••••• | equity equity | Not disclosed | $2.2M | ||
| M•••• L•••• S••••••• L•• | unstated lien unstated | $2.2M | $2.2M 100c | S+450 bp | Nov 1, 2028 |
| S••••• M•• L••••••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $2.2M 105c | ||
| I•••••• I• | unstated lien unstated | $2.2M | $2.2M 100c | S+450 bp | Jan 1, 2032 |
| H•••••• C•• B•••• L•• | unstated lien unstated | $2.2M | $2.2M 100c | S+480 bp | Mar 1, 2032 |
| P•••••• A••••••••• L•• | preferred equity equity | Not disclosed | $2.2M | ||
| P•••••• A••••••••• L•• E••••• | preferred equity equity | Not disclosed | $2.2M 71c | ||
| M• C•••••••• H•••• P••••• 2• A•• E••••• Equity Real Estate Investment Trusts (R••••) | unstated lien unstated | Not disclosed | $2.1M 8c | ||
| C•••••• F••• P••••••••• | unstated lien unstated | $2.1M | $2.1M 100c | S+450 bp | Jul 1, 2031 |
| W••••• E••••••••• G•••• L•• | term loan first lien | $2.1M | $2.1M 100c | S+450 bp | Oct 1, 2028 |
| M•• C•••••• M••••••••• L•• | unstated lien unstated | $2.1M | $2.1M 100c | S+480 bp | Aug 1, 2031 |
| K••••• F•••••••• I•• Financial S••••••s | preferred equity equity | Not disclosed | $2.1M 100c | S+1200 bp | |
| A•• H••••• L•• | unstated lien unstated | $2.1M | $2.1M 100c | S+450 bp | Aug 1, 2032 |
| A••••••• D••••••••• • C••••••• S•••••• | term loan first lien | $2.1M | $2.1M 100c | S+630 bp | May 1, 2026 |
| M• C•••••••• H•••• P••••• 2• | equity equity | Not disclosed | $2.1M | ||
| V•••••••• L•• | unstated lien unstated | $2.1M | $2.0M 95c | S+480 bp | Nov 1, 2031 |
| A•• H••••••• I• C••• ••• A••••••• P••••••• M••••••••• I••• H••••• C••• E•••••••• & S••••••s | preferred equity equity | Not disclosed | $2.0M 11c | S+1150 bp | |
| P••••••••• N•••• A•••••• I••• C•••• A• • 1• U•••• H•••••••• & P••••••• P••••••• | unstated lien unstated | Not disclosed | $2.0M 67c | ||
| F••••• A• L•• ••• F••••• G•••• I••• | revolver lien unstated | $2.0M | $2.0M 100c | S+480 bp | Jun 1, 2029 |
| X•••• K•••••• | unstated lien unstated | $2.0M | $2.0M 100c | S+590 bp | Apr 1, 2030 |
| H••••••••• F•••••••• S••••••• I••• A•• E••••• | unstated lien unstated | Not disclosed | $1.9M 100c | ||
| C•••••• C••• | unstated lien unstated | $1.9M | $1.9M 100c | S+450 bp | Mar 1, 2032 |
| Q••••••• L•• C••••••• D••••••• & A•••••• | equity equity | Not disclosed | $1.9M 23c | ||
| L•••• L•••••••• I•• | unstated lien unstated | $1.9M | $1.9M 100c | S+480 bp | May 1, 2029 |
| D•••••••• L•• | unstated lien unstated | $1.9M | $1.9M 100c | S+500 bp | Aug 1, 2028 |
| Q••••••• L•• | equity equity | Not disclosed | $1.9M | ||
| E•••••••• T••••••••• C••• | term loan first lien | $1.9M | $1.9M 100c | S+530 bp | Aug 1, 2029 |
| P••••••••• A••••••• 7•• | term loan lien unstated | $1.8M | $1.8M 100c | S+650 bp | Dec 1, 2027 |
| A••••• L•• | unstated lien unstated | $1.8M | $1.8M 100c | S+420 bp | Jul 1, 2030 |
| P••••••••• A••••••• 7•• | term loan lien unstated | $1.8M | $1.8M 100c | S+650 bp | Oct 1, 2027 |
| A••••••• S•••••••• G•••• L•• | term loan first lien | $1.7M | $1.7M 100c | S+530 bp | Feb 1, 2030 |
| K•• R••••• L•••• A••••••••• L•• Financial S••••••s | equity equity | Not disclosed | $1.7M 94c | ||
| K•• R••••• L•••• A••••••••• L•• | equity equity | Not disclosed | $1.7M | ||
| A••••••••• C••• I•• | preferred equity equity | Not disclosed | $1.7M | ||
| C••••••••• L•• | unstated lien unstated | $1.7M | $1.7M 100c | S+450 bp | Feb 1, 2033 |
| A••••••••• C••• I•• H••••• C••• E•••••••• & S••••••s | preferred equity equity | Not disclosed | $1.7M 2c | S+1180 bp | |
| 4•••••• S•••••••• L•• | term loan first lien | $1.6M | $1.6M 100c | S+480 bp | Jan 1, 2031 |
| R•••••• I••••••••• L•• | term loan first lien | $1.6M | $1.6M 100c | S+480 bp | Apr 1, 2030 |
| H• D••• C• I•• | equity equity | Not disclosed | $1.6M | ||
| A•••• H•••••• A• | notes unsecured or subordinated | Not disclosed | $1.6M | S+930 bp | |
| A•••• H•••••• A• Financial S••••••s | notes unsecured or subordinated | $15.0M | $1.6M 123c | S+930 bp | Jan 1, 2034 |
| H• D••• C• I•• Capital G•••• | equity equity | Not disclosed | $1.6M | ||
| C••••• R••••••••• | unstated lien unstated | $1.6M | $1.5M 94c | S+750 bp | Apr 1, 2033 |
| Z••• I••••••••• P••••••• I•• | unstated lien unstated | $1.5M | $1.5M 100c | S+540 bp | Feb 1, 2030 |
| A••••• A•••••••• L•• | unstated lien unstated | $1.5M | $1.5M 100c | S+450 bp | Aug 1, 2032 |
| A•••••••• M•••••••• C••••• S•••• • T••••••••• T••••••••• | equity equity | Not disclosed | $1.4M 108c | ||
| H••••••• H••••• I•• | unstated lien unstated | $1.4M | $1.4M 100c | S+550 bp | Nov 1, 2029 |
| B•• U•• P• | unstated lien unstated | $1.4M | $1.4M 100c | S+450 bp | Aug 1, 2028 |
| A••••••• D••••••••• • C••••••• S•••••• | term loan first lien | $1.4M | $1.4M 100c | S+630 bp | May 1, 2026 |
| C•••••• F••• P••••••••• | unstated lien unstated | $1.4M | $1.4M 100c | S+450 bp | Jul 1, 2030 |
| A•••••••• M••••••• | equity equity | Not disclosed | $1.4M | ||
| P•• G•••• | unstated lien unstated | $1.4M | $1.4M 100c | S+530 bp | Apr 1, 2030 |
| N•• E•• T••••••••• L•• | term loan first lien | $1.3M | $1.3M 100c | S+630 bp | Jun 1, 2030 |
| U•••• E••••••••• H••••••• L•• Capital G•••• | unstated lien unstated | $1.3M | $1.3M 100c | S+380 bp | Aug 1, 2029 |
| U••• H••••••• I•• | unstated lien unstated | $1.3M | $1.3M 100c | S+530 bp | Sep 1, 2031 |
| L•••• L•••••••• I•• | unstated lien unstated | $1.2M | $1.2M 100c | S+480 bp | May 1, 2030 |
| N•••• H••••••••• H•••••• A• | unstated lien unstated | $1.0M | $1.2M 100c | S+700 bp | Feb 1, 2030 |
| S••••• M•• L••••••• B••• • F•••••••• S••••••• 3• Financial S••••••s | notes lien unstated | $1.2M | $1.2M 100c | S+1300 bp | Mar 1, 2034 |
| S••••• M•• L•••••• | notes lien unstated | Not disclosed | $1.2M | ||
| S••••••• B••••• L•• | unstated lien unstated | $1.2M | $1.2M 109c | S+500 bp | Jul 1, 2028 |
| C•• L•••• G•••• L•• | unstated lien unstated | $1.3M | $1.2M 92c | S+500 bp | Dec 1, 2032 |
| S•••••• L•••• L•• | unstated lien unstated | $1.2M | $1.2M 100c | S+450 bp | Dec 1, 2032 |
| N•••• H••••••••• H•••••• A• | unstated lien unstated | $1.0M | $1.2M 100c | S+560 bp | Feb 1, 2030 |
| W••• S••• A••••••• I•• | unstated lien unstated | $1.2M | $1.2M 100c | S+450 bp | May 1, 2032 |
| M•• C•••••• M••••••••• L•• | unstated lien unstated | $1.2M | $1.2M 100c | S+480 bp | Aug 1, 2031 |
| C•••••• F••• P••••••••• | unstated lien unstated | $1.2M | $1.2M 100c | S+450 bp | Jul 1, 2030 |
| P••• H••••••• I•• | unstated lien unstated | $1.3M | $1.2M 92c | S+480 bp | Dec 1, 2032 |
| W•••••••• I•• H•••••••• & P••••••• P••••••• | term loan first lien | $1.1M | $1.1M 550c | S+520 bp | Mar 1, 2032 |
| P••••••••• A••••••• 7•• | term loan lien unstated | $1.1M | $1.1M 100c | S+650 bp | Dec 1, 2027 |
| D•••••• F•••••• G••• S••••••• & S••••••s | unstated lien unstated | $1.0M | $1.1M 100c | S+380 bp | May 1, 2030 |
| S••••••• C••• o• A•••••• L•• | term loan first lien | $1.1M | $1.1M 138c | S+580 bp | Jun 1, 2027 |
| P••••••••• I•• | term loan first lien | $1.1M | $1.1M 100c | S+580 bp | Aug 1, 2026 |
| P••••••••• A••••••• 7•• | term loan lien unstated | $1.1M | $1.1M 100c | S+650 bp | Oct 1, 2027 |
| P•• G•••• | unstated lien unstated | $1.1M | $1.1M 100c | S+530 bp | Apr 1, 2030 |
| U••• H••••••• I•• | unstated lien unstated | $1.1M | $1.1M 100c | S+550 bp | Sep 1, 2031 |
| H••••••••• I•••••••• A••••• I•• | term loan first lien | $1.0M | $1.0M 100c | S+450 bp | Jun 1, 2031 |
| R••••• C•••••• M••••••••• L•• | unstated lien unstated | $1.0M | $1.0M 100c | S+480 bp | Dec 1, 2030 |
| H•••••• • B••• I•• | unstated lien unstated | $1.0M | $1.0M 100c | S+450 bp | Nov 1, 2031 |
| H•••••• • B••• I•• | unstated lien unstated | $1.0M | $1.0M 100c | S+480 bp | Aug 1, 2031 |
| W•••••••• I•• | term loan first lien | $900,000 | $900,000 113c | S+500 bp | Mar 1, 2032 |
| T•••••••• S••••••• I•• | unstated lien unstated | $900,000 | $900,000 100c | S+500 bp | Jun 1, 2030 |
| D••• I•••••••• H••••••• L•• | unstated lien unstated | $900,000 | $900,000 100c | S+450 bp | Dec 1, 2029 |
| O•• C••• C••• M••••••••• I•• | equity equity | Not disclosed | $900,000 | ||
| P•••••• H••••• H•••••• C••• | unstated lien unstated | $900,000 | $900,000 100c | S+480 bp | Nov 1, 2032 |
| S•••• S••••• I•• | term loan first lien | $900,000 | $900,000 100c | S+480 bp | Dec 1, 2032 |
| S••••• S•••••••• I•• | unstated lien unstated | $900,000 | $900,000 100c | S+450 bp | Sep 1, 2032 |
| O•• C••• C••• M••••••••• I•• H••••• C••• E•••••••• & S••••••s | equity equity | Not disclosed | $900,000 43c |
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