DFX Intelligence

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F••••••• B•• L•••••• C•••

Business development companymanaged by F••••••• B•• L•••••• A••••••• L•••••No longer on the SEC BDC reportNon-tradedLatest schedule Sep 30, 2023· NEW YORK, NY

A non-traded business development company, managed by F••••••• B•• L•••••• A••••••• L•••••, holding $3.7B across 308 borrowers at Sep 30, 2023.

Composed from this BDC's filings and its latest schedule of investments.

As of 2023-09-30 · the latest schedule of investments read for this BDC

Fair value: $3.7B
Borrowers: 308
Mark on cost: 96.1¢
First lien: 31%

Schedule of investments (606)Quarter by quarter

As of 2023-09-30 · the latest schedule of investments read for this BDC

Nothing material in the last 200 days. Last change: 30 Sep 2023, 1 borrower on non-accrual, $11.9M principal; the largest is A•••• A••••••••• L•• ($11.9M).

Every headline figure, and the identifiersCIK 1490927 · file 814-00821Show

Fair value

$3.7B

as of Sep 30, 2023

Principal held

$3.5B

debt pieces, the filer's figure

Cost

$4.1B

96c on cost, debt pieces

Unfunded

$217M

commitments not yet drawn

Positions

606

308 borrowers

First lien

31%

94% debt by fair value

Quarters on the tape

since Dec 31, 2020

Facilities held

0 sponsors financed

Portfolio through time

Fair value by quarter end$3.7B as of Sep 30, 2023

Dec 31, 2021$3.9B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Sep 30, 2023	$3.7B	308	96c	35	558 bp
Jun 30, 2023	$3.8B	312	96c	31	559 bp
Mar 31, 2023	$3.8B	310	96c	22	558 bp
Dec 31, 2022	$5.0B	317	95c	34	540 bp

All 8 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Mar 31, 2022	Not disclosed	30	n/a	0	n/a
Dec 31, 2021	$3.9B	339	99c	26	557 bp
Jan 20, 2021	Not disclosed	1	n/a	0	n/a
Dec 31, 2020	Not disclosed	38	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleSep 30, 2023
••• Locked
New borrower on a BDC scheduleSep 30, 2023
••• Locked
New borrower on a BDC scheduleSep 30, 2023
••• Locked
New borrower on a BDC scheduleSep 30, 2023
••• Locked
New lender joined a facilitySep 30, 2023
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleSep 30, 2023
••• Locked
New lender joined a facilitySep 30, 2023
••• Locked
New lender joined a facilitySep 30, 2023
••• Locked
Marked down (one lender)Sep 30, 2023
••• Locked
Marked down (one lender)Sep 30, 2023
••• Locked
Marked down (one lender)Sep 30, 2023
••• Locked
Marked down (one lender)Sep 30, 2023
••• Locked
PIK interest increasedSep 30, 2023
••• Locked
Spread increasedSep 30, 2023
••• Locked
Spread increasedSep 30, 2023
••• Locked
Spread increasedSep 30, 2023
••• Locked
Spread increasedSep 30, 2023
••• Locked
PIK interest appearsSep 30, 2023
••• Locked
Spread increasedSep 30, 2023
••• Locked
Maturity extended (observed)Sep 30, 2023
••• Locked

Every position change, including routine ones

Schedule of investments at Dec 31, 2021

708 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
K••••• I•••••• O••• D••••••••• A••••••• C••••••	equity equity	Not disclosed	Not disclosed
K••••• I•••••• O••• D••••••••• A••••••• C••••••	equity equity	Not disclosed	Not disclosed
I••••••••• G••••• S•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
O••••• T••••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
M••• H•••••• L••	equity equity	Not disclosed	Not disclosed
T•••••• B••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
I•••• U• F••••••• L••	unstated lien unstated	Not disclosed	Not disclosed	S+250 bp	Nov 6, 2028
M••• M••••	equity equity	Not disclosed	Not disclosed
A•••••• C••••	equity equity	Not disclosed	Not disclosed
C••••••••• T••••••••• I••••••••• L••	revolver first lien	Not disclosed	Not disclosed
E••••• E•••••••• F••••••• L••	equity equity	Not disclosed	Not disclosed
I• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed
J•••• P••••••• I•••	term loan first lien	Not disclosed	Not disclosed
K••••• U• O•••• L•• •• ••	equity equity	Not disclosed	Not disclosed
K••••• I•••••• O••• D••••••••• A••••••• C••••••	term loan first lien	Not disclosed	Not disclosed
T••••••••• I•••	equity equity	Not disclosed	Not disclosed
U• S••• I••••••••• L••	revolver first lien	Not disclosed	Not disclosed
I••••••••• E••••••••• S••••••••• I•••	revolver first lien	Not disclosed	Not disclosed
I••••••••• E••••••••• S••••••••• I•••	equity equity	Not disclosed	Not disclosed
S•••• C•••••• F••••••• L•• F•••••••••	unstated lien unstated	Not disclosed	Not disclosed	12.50%	Nov 27, 2026
H••••• P••• O••• I•••	revolver first lien	Not disclosed	Not disclosed
B••• O••••••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
C••••••• L••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
L•••• I•••	unstated lien unstated	Not disclosed	Not disclosed	S+500 bp	Oct 30, 2028
W••••••• P••••••••• S•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
V•••••• E••••••• S•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
S•• C•••• H•••••• A••••••••• C••••	revolver first lien	Not disclosed	Not disclosed
S••••• S•• B•••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
R•••• I•• C••••	delayed draw term loan first lien	Not disclosed	Not disclosed
P•• A••••••••• L••	equity equity	Not disclosed	Not disclosed
M•••••• C•• C••••••• L••	revolver first lien	Not disclosed	Not disclosed
C••••••• I•••	revolver first lien	Not disclosed	Not disclosed
A••••• H•••••• L••	revolver first lien	Not disclosed	Not disclosed
I••••••••• E••••••••• S••••••••• I••	term loan first lien	Not disclosed	Not disclosed
I•• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed	S+425 bp	Dec 1, 2025
P•• B••••• I•••	revolver first lien	Not disclosed	Not disclosed
G••••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
T•• D•••••• N••••••• L••	term loan first lien	Not disclosed	Not disclosed
M•••• G••••• L••	revolver first lien	Not disclosed	Not disclosed
M••••• E••••••••• G••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
R•••• I•• C••••	revolver first lien	Not disclosed	Not disclosed
P•• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
K••••• L••	equity equity	Not disclosed	Not disclosed
K••••• L••	term loan first lien	Not disclosed	Not disclosed
C••••••• N•••••••• D••••••••• L••	equity equity	Not disclosed	Not disclosed
O••••• T••••••••• I•••	revolver first lien	Not disclosed	Not disclosed
P•• A••••••••• L••	equity equity	Not disclosed	Not disclosed
P•••••• G••••• S•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
Q••••••• I•••	revolver first lien	Not disclosed	Not disclosed
I•••• T••••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
U• O••• S•••••• M••••••••• H•••••• L••	revolver first lien	Not disclosed	Not disclosed
L••••••• H••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
K••••• L••	term loan first lien	Not disclosed	Not disclosed
J•••• P••••••• I••	equity equity	Not disclosed	Not disclosed
I••••••••• E••••••••• S••••••••• I•••	term loan first lien	Not disclosed	Not disclosed
G••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed
T••••• L•••• I•••	revolver first lien	Not disclosed	Not disclosed
A••• G••••• P••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
M••••••••• I••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed	S+650 bp	Mar 29, 2024
C••••••• L••••••••	revolver first lien	Not disclosed	Not disclosed
T•• R••• R••••••••• L••• E•••••••••	equity equity	Not disclosed	Not disclosed
W•• H••••••• I•• C••••	revolver first lien	Not disclosed	Not disclosed
W••• P•••••••• I••• I•••	revolver first lien	Not disclosed	Not disclosed
U• O••• S•••••• M••••••••• H•••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
T•••••• A•• C••••••••• H••••••• C••••	revolver first lien	Not disclosed	Not disclosed
B••• O••••••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed
L••••• T••• S•••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed	S+475 bp	Mar 20, 2028
J••• S••••• G••••• L••	unstated lien unstated	Not disclosed	Not disclosed	S+275 bp	Jan 26, 2028
N•••	term loan lien unstated	Not disclosed	Not disclosed
O•• G• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
O••••••• I•••	revolver first lien	Not disclosed	Not disclosed
W••• P•••••••• I••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
A••••• P•••••• I•••	revolver first lien	Not disclosed	Not disclosed
I•• O••••••••• L••	revolver first lien	Not disclosed	Not disclosed
J•••• P••••••• I•••	equity equity	Not disclosed	Not disclosed
K••••• L••	equity equity	Not disclosed	Not disclosed
R•• T•• I••••••••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
S••• S••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed
T•• D•••••• N••••••• L••	term loan first lien	Not disclosed	Not disclosed
T•••••• B••••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
T•••••• A•• C••••••••• H••••••• C••••	delayed draw term loan first lien	Not disclosed	Not disclosed
W••••••• P••••••••• S•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
R•••••• P••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
K••••• L••	term loan first lien	Not disclosed	Not disclosed
E••••• E•••••••• F••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	Not disclosed
A••• C•••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed
K•••••••• P•• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
M•••••••• M•••••• A••••••••• L•	unstated lien unstated	Not disclosed	Not disclosed	S+375 bp	Oct 18, 2028
M••••••• C••••• C•• 2•••••• I••• C••••••••• S••••••••• Structured finance (CLO)	unstated lien unstated	Not disclosed	Not disclosed
S••••••• B•••• C••••	revolver first lien	Not disclosed	Not disclosed
M••••• E••••••••• G••••• I•••	revolver first lien	Not disclosed	Not disclosed
M•••••• M••••••••• R••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
M•••• P•• P•••••••• L••	revolver first lien	Not disclosed	Not disclosed
E••••• E•••••••• F••••••• L••	delayed draw term loan unsecured or subordinated	Not disclosed	Not disclosed
E••••• E•••••••• F••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	Not disclosed
B••• O••••••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
R•••••• P••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
M••••	revolver first lien	Not disclosed	Not disclosed
K•••••••• P•• B••••• I•••	revolver first lien	Not disclosed	Not disclosed
G••••• B•••••••• L••	revolver first lien	Not disclosed	Not disclosed

Page 7 of 8Previous Next

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2012 to 2023reported
Filings listed: 8reported10-Q and 10-K since 2022
Former names: Business Development Corp of Americareported
Latest schedule: 0001490927-23-000017reported

Capital chain

F••••••• B•• L•••••• C••• sits on 135 traced paths of capital across the graphs.

Allocator to credit manager to facility to borrowerPE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

1,747 field-level changes across filed schedules, latest first

Mark recoveredP••••• C••• C••••••• L•• · 91.1% of cost to 99.0% of cost
2023-09-30
Principal decreasedS••••••••• I••••••••• G••••• I•• · $19.7M to $14.7M
2023-09-30
Principal decreasedN•••• B•••• L•• · $9.4M to $8.5M
2023-09-30
Position exitedW••••••• P••••••••• S•••••••• I••
2023-09-30
Principal decreasedA••••••• R••• S••• C••••••• L•• · $4.7M to $1.9M
2023-09-30
Spread tightenedT•••• A•••••• C••• · 8.50% to 4.00%
2023-09-30
New positionI•• H•••••• C•••• S••••••••• · at $11.6M
2023-09-30
Maturity shortenedT•••• A•••••• C••• · 2029-04-09 to 2028-04-10
2023-09-30
Principal decreasedW••• U•• T•••• H•••••••• L•• · $2.5M to $1.2M
2023-09-30
Principal decreasedT•••• A•••••• C••• · $13.9M to $8.9M
2023-09-30

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph

Show 1 connection across 1 kind

Manages (1)

← F••••••• B•• L•••••• A••••••• L•••••Credit providerBDC adviser 10k
Mar 15, 2023 to presentfactBDC schedule of investments