DFX Intelligence
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BDC portfolio
M••••• C•••••• C•••
Fair value
$413M
as of Dec 31, 2025
Principal held
$354M
debt pieces, the filer's figure
Cost
$373M
111c on cost
Unfunded
$20.5M
commitments not yet drawn
Positions
359
90 borrowers
First lien
66%
73% debt by fair value
Quarters on the tape
19
since Dec 31, 2020
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$413M as of Dec 31, 2025
Dec 31, 2020$149M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Dec 31, 2025 | $413M | 90 | 92c | 75 | 674 bp |
| Sep 30, 2025 | $466M | 80 | 98c | 75 | 679 bp |
| Jun 30, 2025 | $474M | 81 | 103c | 67 | 679 bp |
| Mar 31, 2025 | $546M | 89 | 105c | 72 | 681 bp |
| Dec 31, 2024 | $1.8B | 97 | 100c | 252 | 678 bp |
| Sep 30, 2024 | $712M | 97 | 118c | 83 | 680 bp |
| Jun 30, 2024 | $633M | 96 | 109c | 77 | 705 bp |
| Mar 31, 2024 | $647M | 100 | 109c | 72 | 705 bp |
| Dec 31, 2023 | $922M | 99 | 124c | 97 | 710 bp |
| Sep 30, 2023 | $665M | 126 | 116c | 66 | 724 bp |
| Jun 30, 2023 | $768M | 160 | 138c | 66 | 695 bp |
| Mar 31, 2023 | $719M | 106 | 117c | 85 | 742 bp |
| Dec 31, 2022 | $1.5B | 187 | 115c | 163 | 704 bp |
| Sep 30, 2022 | $545M | 101 | 100c | 60 | 725 bp |
| Jun 30, 2022 | $129M | 12 | n/a | 0 | n/a |
| Mar 31, 2022 | $132M | 12 | n/a | 0 | n/a |
| Dec 31, 2021 | $856M | 131 | 135c | 67 | 694 bp |
| Sep 30, 2021 | $137M | 16 | n/a | 0 | n/a |
| Dec 31, 2020 | $149M | 13 | n/a | 0 | n/a |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2025
359 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• G•••• H••••••• C••• | delayed draw term loan first lien | $1.5M | $0 | S+550 bp | |
| T•••• G•••• H••••••• C••• | revolver first lien | $770,000 | $0 | S+550 bp | |
| B••••••••• I••. | revolver first lien | $348,000 | $0 | S+550 bp | |
| E•••••• W••• A••••••••• C••••••• L•• | preferred equity equity | n/a | $-1,000 | ||
| E•••••• W••• A••••••••• C••••••• L•• | equity equity | n/a | $-6,000 | ||
| M•• B•••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| H••••••• M••••••••• C•••••• | revolver first lien | n/a | n/a | ||
| I••••••••• B••••• I••. | revolver first lien | n/a | n/a | ||
| D•••••• H•••••••• I••. | revolver first lien | n/a | n/a | ||
| T• M••••••••• H•••••• L•• | revolver first lien | n/a | n/a | ||
| D•••••• H•••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| M• A•••• M••••••••• (Corporate), LLC | delayed draw term loan first lien | n/a | n/a | ||
| A••••••• C••••• O••• L• (fka Arcstor M••••, LLC) | delayed draw term loan first lien | n/a | n/a | ||
| R••••••• P••••••• I••••••••• L•• | revolver first lien | n/a | n/a | ||
| D••••• A••••••••• I••. | revolver first lien | n/a | n/a | ||
| C•••• S•••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| S•• H••••• 2• L•• | delayed draw term loan unsecured or subordinated | n/a | n/a | ||
| S•• H•••••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| C••••••••• L•• | revolver first lien | n/a | n/a | ||
| A••••••• C•••••••• H••••• I••. | revolver first lien | n/a | n/a | ||
| M•••• H•••••••• I••. | revolver first lien | n/a | n/a | ||
| M• A•••• M••••••••• (Corporate), LLC | unstated lien unstated | n/a | n/a | ||
| G• C••••••• A••••••••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| V•••••• P••••••• L•• | revolver first lien | n/a | n/a | ||
| D••••••••• P•••••••• L•• | revolver first lien | n/a | n/a | ||
| B••••••••• I••. | revolver first lien | n/a | n/a | ||
| T• M••••••••• H••••• LLC | revolver first lien | n/a | n/a | ||
| D••••••••• P•••••••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| P••••••• L•• | revolver first lien | n/a | n/a | ||
| D•••••• H•••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| S•• H••••• | equity equity | n/a | n/a | ||
| C•••• S•••••••• I•• | revolver first lien | n/a | n/a | ||
| S•••• B••••••••• L•• | revolver first lien | n/a | n/a | ||
| S•• H••••• 2• | equity equity | n/a | n/a | ||
| T•••• G•••• H••••••• C••• | revolver first lien | n/a | n/a | ||
| N••• C••••••••• L•• | equity equity | n/a | n/a | ||
| N•••••••• C••••••••• C••••••• L•• | revolver first lien | n/a | n/a | ||
| L••••• T••••• H•••••••• L•• | revolver first lien | n/a | n/a | ||
| K• M••• A••••••••• L•• | revolver first lien | n/a | n/a | ||
| M• A•••• M••••••••• (Corporate), LLC | unstated lien unstated | n/a | n/a | ||
| W••••••• P••••• H••••••• I••• I••. | revolver first lien | n/a | n/a | ||
| S•••••• G••••• I••. | revolver first lien | n/a | n/a | ||
| X••••• P••••••••• I••. | revolver first lien | n/a | n/a | ||
| B•• O••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| S••••••••• M••••• L•• | revolver first lien | n/a | n/a | ||
| V•• E••••••••• I••. | revolver first lien | n/a | n/a | ||
| N• P• P•••••• C•••••••• M•••• I••. | revolver first lien | n/a | n/a | ||
| R••••••• H••••• G••••• L•• | revolver first lien | n/a | n/a | ||
| J• B•• F•••••• L•• | revolver first lien | n/a | n/a | ||
| T• M••••••••• H••••• LLC | equity equity | n/a | n/a | ||
| S••••• O•••••••• H••••••• I•• L•• | revolver first lien | n/a | n/a | ||
| S•••• H•••••••• I••. | revolver first lien | n/a | n/a | ||
| C•••• S•••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| T•••• G•••• H••••••• C••• | delayed draw term loan first lien | n/a | n/a | ||
| T••••••••• I••. | revolver first lien | n/a | n/a | ||
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | revolver first lien | n/a | n/a | ||
| M•• B•••• L•• | revolver first lien | n/a | n/a | ||
| T•• K•••• C••••••• L•• | revolver first lien | n/a | n/a | ||
| A••• C••••••••• | revolver first lien | n/a | n/a |
Page 4 of 4Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- NYreported
- On the SEC BDC report
- 2012 to 2025reported
- Filings listed
- 17reported10-Q and 10-K since 2022
- Latest schedule
- 0001512931-26-000011reported