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 Jun 30, 2026
942 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C••••• O••••••••• P••••••• J•• L•• | unstated lien unstated | Not disclosed | $1.6B | ||
| C••••• O••••••••• P••••••• J•• L•• | unstated lien unstated | $2.0B | $1.6B 83c | ||
| a••••••••• I•• | preferred equity equity | Not disclosed | $402M | ||
| a••••••••• I•• H••••• C••• E•••••••• & S••••••s | preferred equity equity | Not disclosed | $402M 103c | S+1080 bp | |
| P••••••••• R••••••• G•••• L•• | term loan first lien | $308M | $318M 104c | S+750 bp | Oct 1, 2030 |
| P••••••••• R••••••• G•••• L•• | unstated lien unstated | Not disclosed | $318M | ||
| K••••••••• B••••••••• S••••••• L•• | unstated lien unstated | Not disclosed | $226M | ||
| K••••••••• B••••••••• S••••••• L•• | term loan first lien | $230M | $226M 100c | S+530 bp | Nov 1, 2028 |
| S••••• L•• S••••••• & S••••••s | term loan second lien | $280M | $216M 79c | S+900 bp | Jun 1, 2029 |
| J• A••••••• C• | preferred equity equity | Not disclosed | $206M | ||
| J• A••••••• C• M•••••••• | preferred equity equity | Not disclosed | $206M 165c | ||
| R•••••• L•• | equity equity | Not disclosed | $194M | ||
| R•••••• L••• A•• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $194M 87c | ||
| G••••• J•• C•••••• L•• C••••••••• & P••••••••• S••••••s | preferred equity equity | Not disclosed | $158M 77c | ||
| M•• D••••• S•••••••• L•• | term loan first lien | $156M | $156M 100c | S+550 bp | Feb 1, 2031 |
| T••••• L•• | term loan first lien | $166M | $139M 84c | S+670 bp PIK 1.70% | Dec 1, 2027 |
| K•• A••••••• I• O••••••• A••••••••• L• | equity equity | Not disclosed | $129M | ||
| K•• A••••••• I• O••••••• A••••••••• L• Capital G•••• | equity equity | Not disclosed | $129M 110c | ||
| S••••• I••••••••• I•• Capital G•••• | term loan first lien | $132M | $127M 97c | S+600 bp | Sep 1, 2028 |
| H••• I•• | term loan first lien | $121M | $121M 101c | S+630 bp | May 1, 2027 |
| G••••• U•••••••• L•• | term loan first lien | $123M | $120M 98c | S+630 bp | May 1, 2028 |
| M••••••• I•• S••••••• & S••••••s | term loan first lien | $234M | $117M 50c | S+600 bp | Oct 1, 2028 |
| P•••••• C••• | term loan second lien | $168M | $115M 71c | S+800 bp | Feb 1, 2029 |
| B••••••• L•• | unstated lien unstated | $117M | $114M 98c | S+500 bp | Mar 1, 2032 |
| 3•••••• G••••• I•• | term loan first lien | $122M | $105M 86c | S+600 bp | Nov 1, 2027 |
| F•••••••• R••• S••••• L•• | unstated lien unstated | $107M | $104M 98c | S+500 bp PIK 2.30% | Mar 1, 2032 |
| G•••••• D••••••• L• S••••••• & S••••••s | term loan first lien | $104M | $102M 98c | S+630 bp | Jun 1, 2027 |
| R•••••• I••••••••• L•• | term loan first lien | $102M | $102M 100c | S+480 bp | Apr 1, 2030 |
| P••• L•• ••• C••••••••• H••••• C••• E•••••••• & S••••••s | term loan first lien | $101M | $101M 100c | S+550 bp | Mar 1, 2028 |
| O••••• G••••• R•••••••• L•• | term loan first lien | $99.8M | $99.7M 100c | S+600 bp | Aug 1, 2027 |
| I•••••••• M•••••••• G•••• L•• | term loan first lien | $98.0M | $97.9M 100c | S+500 bp | Aug 1, 2028 |
| G•••••• I•• | term loan first lien | $103M | $97.6M 95c | S+580 bp | Mar 1, 2029 |
| A••• S•••••• P••••••• L•• | unstated lien unstated | $92.3M | $92.3M 101c | S+500 bp | Oct 1, 2030 |
| K••••• F•••••• | preferred equity equity | Not disclosed | $91.8M | ||
| K••••• F••••••• P•••••••• S•••• • I•••••••• I•••••••• | preferred equity equity | $91.8M | $91.8M 100c | S+1200 bp PIK 6.00% | |
| A••••••• V••••• P••••••• C••• | term loan first lien | $89.1M | $89.1M 100c | S+580 bp | Sep 1, 2027 |
| P•••••• C••• | term loan second lien | $130M | $88.6M 70c | S+780 bp | Feb 1, 2029 |
| Z••• I••••••••• P••••••• I•• | unstated lien unstated | $90.4M | $85.8M 95c | S+540 bp | Feb 1, 2031 |
| I•••••••• C•••••• E••••••• S•• P•••••••••, B••••••••• & L••• S••••••• | term loan first lien | $75.5M | $83.8M 93c | S+580 bp PIK 1.00% | Sep 1, 2028 |
| P••••••••• I•• | term loan first lien | $82.0M | $81.9M 100c | S+580 bp | Aug 1, 2028 |
| C•••••••• T••••••••• L•• | term loan first lien | $80.5M | $80.1M 100c | S+480 bp | Feb 1, 2032 |
| F••••••••• R••• P••••••• C••• | term loan first lien | $79.9M | $79.9M 101c | S+480 bp | Oct 1, 2030 |
| G••••• P••••••• H••••••• L•• | term loan first lien | $77.9M | $77.9M 101c | S+450 bp | Sep 1, 2028 |
| M••••••••• | term loan first lien | $78.0M | $76.3M 98c | S+450 bp | Jul 1, 2032 |
| N•• D•••••••• | term loan first lien | $75.5M | $74.4M 99c | S+480 bp | Jul 1, 2029 |
| Z•••••• I•• | unstated lien unstated | $73.0M | $72.8M 100c | S+500 bp | Nov 1, 2028 |
| R••• P•••• L•• | unstated lien unstated | $70.2M | $70.9M 101c | S+450 bp | Apr 1, 2032 |
| M• C•••••••• H•••• P••••• 2• | term loan lien unstated | $67.8M | $67.8M 100c | S+100 bp | Mar 1, 2034 |
| M• C•••••••• H•••• P••••• 2• | term loan lien unstated | Not disclosed | $67.8M | S+100 bp | |
| C•••• G••••• | term loan first lien | $67.4M | $67.4M 100c | S+580 bp | Dec 1, 2028 |
| H•••••• C•• B•••• L•• | unstated lien unstated | $66.2M | $66.1M 100c | S+480 bp | Mar 1, 2032 |
| V••••• P••••••••• P•••••••• L•• | term loan first lien | $66.9M | $65.0M 98c | S+580 bp | Aug 1, 2029 |
| G••••• U•••••••• L•• | term loan first lien | $65.9M | $63.7M 97c | S+550 bp | May 1, 2028 |
| A•••••• S•••••• A• | term loan first lien | $51.4M | $62.1M 96c | S+500 bp | Jun 1, 2031 |
| A•• N••••••• C••• | unstated lien unstated | $100M | $61.5M 65c | S+700 bp | Sep 1, 2026 |
| A•• N••••••• C••• | unstated lien unstated | Not disclosed | $61.5M | ||
| H••••• T••••••••• S•••••• L•• | term loan first lien | $70.7M | $61.2M 88c | S+600 bp | Jul 1, 2027 |
| W••••• H•••••• G••• | unstated lien unstated | Not disclosed | $61.2M | ||
| W••••• H•••••• G••• | term loan second lien | $58.7M | $61.2M 96c | S+600 bp PIK 5.90% | Dec 1, 2028 |
| N••••••• T••••••••• I•• | unstated lien unstated | $61.1M | $60.3M 99c | S+520 bp PIK 2.70% | Aug 1, 2031 |
| U••• H••••••• I•• | unstated lien unstated | $60.4M | $60.1M 100c | S+550 bp | Sep 1, 2031 |
| A•• H••••••• I• C••• ••• A••••••• P••••••• M••••••••• I••• | unstated lien unstated | $66.6M | $59.6M 90c | S+550 bp | Feb 1, 2028 |
| N•• I•• S••••••• & S••••••s | equity equity | Not disclosed | $58.6M 290c | ||
| N•• I•• | equity equity | Not disclosed | $58.6M | ||
| D••••• C••• A••••••• I•• | term loan first lien | $58.2M | $58.2M 100c | S+650 bp | Jun 1, 2031 |
| D••••• C••• A••••••• I•• | unstated lien unstated | Not disclosed | $58.2M | ||
| F•••••• S••••••• L•• | unstated lien unstated | $59.8M | $57.6M 96c | S+480 bp | Aug 1, 2032 |
| I•••••• G••••• L•• | term loan first lien | $57.1M | $57.1M 101c | S+500 bp | Sep 1, 2028 |
| S••••• C••• L•• S••••••• & S••••••s | term loan first lien | $51.8M | $51.3M 99c | S+650 bp | Jul 1, 2027 |
| L•••••• H••••••••• L•• | unstated lien unstated | $51.6M | $51.1M 100c | S+550 bp PIK 2.80% | Aug 1, 2031 |
| L••••••••• T••••••••• I•• | term loan first lien | $51.1M | $51.1M 100c | S+500 bp | May 1, 2031 |
| L••••••••• T••••••••• I•• | unstated lien unstated | Not disclosed | $51.1M | ||
| G••••• U•••••••• L•• | term loan first lien | $51.5M | $49.9M 98c | S+580 bp | May 1, 2028 |
| D••••• C•••••••• I•• M•••••••• | unstated lien unstated | $49.8M | $48.9M 99c | S+500 bp | Jun 1, 2031 |
| A•••• H•••••• A• Financial S••••••s | equity equity | Not disclosed | $48.7M 61c | ||
| A•••• H•••••• A• | equity equity | Not disclosed | $48.7M | ||
| C•••••••• B••••• I•• | term loan first lien | $50.9M | $48.4M 96c | S+530 bp | Jul 1, 2031 |
| 4•••••• S•••••••• L•• | preferred equity equity | Not disclosed | $45.8M | ||
| 4•••••• S•••••••• L•• C••••••••• & P••••••••• S••••••s | preferred equity equity | Not disclosed | $45.8M 82c | ||
| 8•• 5•• A••• S••••••• S•••••••• | subordinated debt unsecured or subordinated | Not disclosed | $45.6M | S+1100 bp | |
| 8•• 5•• A••• S••••••• S••••••••• Equity Real Estate Investment Trusts (R••••) | subordinated debt unsecured or subordinated | $64.3M | $45.6M 74c | S+1100 bp PIK 3.00% | Dec 1, 2029 |
| M••••• A••••••• I•• | unstated lien unstated | $44.0M | $43.8M 100c | S+450 bp | Oct 1, 2030 |
| R•••••• R•••• H••••••• C••••••••• L•• | term loan first lien | $42.3M | $42.3M 101c | S+630 bp | Feb 1, 2028 |
| A••••••• D••••••••• • C••••••• S•••••• | term loan first lien | $44.7M | $41.3M 93c | S+650 bp | May 1, 2027 |
| R••••• S••••••• H••••••• I•• | term loan first lien | $42.2M | $41.0M 98c | S+500 bp | Oct 1, 2029 |
| S••••••• C••••••••• L•• | term loan first lien | $53.2M | $41.0M 128c | Apr 1, 2030 | |
| O•• C••• C••• M••••••••• I•• | unstated lien unstated | Not disclosed | $40.9M | ||
| O•• C••• C••• M••••••••• I•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $40.9M | $40.9M 103c | S+850 bp | May 1, 2032 |
| T••• M••••••••• C• | term loan first lien | $45.2M | $39.6M 88c | S+650 bp | Dec 1, 2027 |
| M•••• L•• S••••••• & S••••••s | preferred equity equity | Not disclosed | $39.2M 97c | S+1330 bp | |
| S•••• L•• | term loan first lien | $39.9M | $39.2M 98c | S+480 bp | Jan 1, 2029 |
| J• S• H••• L•• | term loan first lien | $37.8M | $37.5M 99c | S+480 bp | Jun 1, 2028 |
| P•• P••••• S••••••• | unstated lien unstated | $37.8M | $37.2M 99c | S+500 bp | Oct 1, 2032 |
| S•••••• E•••••• I•• | unstated lien unstated | $37.1M | $37.0M 100c | S+430 bp | Dec 1, 2032 |
| Z••••••• P•••••••• E••••• • P••••••••• B••••••••• • L••• S•• P•••••••••, B••••••••• & L••• S••••••• | preferred equity equity | $32.9M | $36.8M 99c | S+1100 bp | Apr 1, 2055 |
| I•••••• G••••• L•• | term loan first lien | $36.6M | $36.6M 100c | S+500 bp | Sep 1, 2028 |
| I••••••••• I•• | unstated lien unstated | $40.9M | $36.5M 89c | S+530 bp | May 1, 2028 |
| M••••••••• | term loan first lien | $37.0M | $36.2M 98c | S+450 bp | Jul 1, 2032 |
| A•• S•• 1• L•• ••• A••••• O•• P•••••• | term loan lien unstated | Not disclosed | $35.6M | S+100 bp | |
| A•• S•• 1• L•• ••• A••••• O•• P•••••• Equity Real Estate Investment Trusts (R••••) | term loan lien unstated | $35.6M | $35.6M 100c | S+100 bp | Mar 1, 2034 |
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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