DFX Intelligence
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F•••• I••••••••• C•••
A business development company traded as FDUS, managed by F•••• I••••••••• A•••••••• L••, holding $1.4B across 110 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
- $1.4B
- Borrowers
- 110
- Mark on cost
- 99.3¢
- First lien
- 78%
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
- $19Mon non-accrual, 1 borrower
1 borrower on non-accrual, $19M principal; the largest is V••••• E••••••••• ($19M).
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 V••••• E••••••••• → - 2 below 80¢$18.7M principal
2 positions across 2 borrowers marked below 80¢ on cost, $18.7M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $1.1B → $1.4Bfair value, 4 quarters
Its portfolio grew 26% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1513363 · file 814-00861ShowHide
Fair value
$1.4B
as of Jun 30, 2026
Principal held
$1.3B
debt pieces, the filer's figure
Cost
$1.4B
99c on cost, debt pieces
Unfunded
$36.2M
commitments not yet drawn
Positions
255
110 borrowers
First lien
78%
90% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
205
21 sponsors financed
Portfolio through time
Fair value by quarter end$1.4B as of Jun 30, 2026
Dec 31, 2022$2.7B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.4B | 110 | 99c | 33 | 600 bp |
| Mar 31, 2026 | $1.4B | 106 | 99c | 32 | 602 bp |
| Dec 31, 2025 | $2.0B | 127 | 98c | 48 | 609 bp |
| Sep 30, 2025 | $1.2B | 99 | 98c | 30 | 617 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.1B | 98 | 98c | 33 | 629 bp |
| Mar 31, 2025 | $3.2B | 98 | 97c | 29 | 652 bp |
| Dec 31, 2024 | $3.7B | 101 | 96c | 49 | 689 bp |
| Sep 30, 2024 | $3.1B | 92 | 97c | 23 | 695 bp |
| Jun 30, 2024 | $3.0B | 94 | 98c | 24 | 694 bp |
| Mar 31, 2024 | $2.9B | 96 | 98c | 31 | 697 bp |
| Dec 31, 2023 | $4.5B | 85 | 98c | 33 | 709 bp |
| Sep 30, 2023 | $2.5B | 85 | 97c | 25 | 742 bp |
| Jun 30, 2023 | $2.5B | 82 | 98c | 25 | 760 bp |
| Mar 31, 2023 | $2.5B | 82 | 98c | 20 | 755 bp |
| Dec 31, 2022 | $2.7B | 94 | 98c | 22 | 775 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
Largest facilities held, with co-lenders
- A••••••• A••••••• L•• first lien term loan1 BDC hold it · matures Jun 30, 2027$48.8M 100c
- I•••••••• H••••• I••••••••• L•• first lien term loan1 BDC hold it · matures Sep 20, 2028$35.8M 100c
- F••••••• S••••••••• L•• first lien term loan1 BDC hold it · matures Mar 25, 2027$35.1M 100c
- B••••••• M••••••• a•• P••• C••••••• L•• first lien term loan1 BDC hold it · matures Dec 22, 2029$33.0M 88c
- S••••••••• I•• first lien term loan1 BDC hold it · matures Mar 15, 2028 · possible sponsor D••••••• C•••••• M••••••••• L•••$31.0M 101c
- G•• H••• first lien term loan1 BDC hold it · matures Dec 8, 2028$29.8M 101c
- S•••••• A• • D• A••••••••• first lien term loan1 BDC hold it · matures Aug 11, 2027 · possible sponsor V•••• S••••• C•••••• L••$28.4M 100c
- D••••••••• H•••••••• L•• first lien term loan1 BDC hold it · matures Jun 21, 2028 · possible sponsor R•••••••• T••••••••• A•••••••• L•••$28.0M 100c
- M•• O•••• L•• first lien term loan1 BDC hold it · matures Sep 28, 2026$27.0M 100c
- S•••• R•••••• I•• first lien term loan1 BDC hold it · matures Dec 23, 2030$26.5M 101c
- W••••••••• S•••••••• A••••••••• first lien term loan1 BDC hold it · matures Dec 26, 2030$26.4M 101c
- H•• A••••••••• S•• second lien term loan1 BDC hold it · matures Jun 30, 2028$25.3M 101c
Schedule of investments at Jun 30, 2023
226 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| P•••• C••••••••• L•• R••••• V••••••• I•••• | term loan first lien | Not disclosed | Not disclosed | S+950 bp | Sep 12, 2027 |
| T•• K•••• C••••••• L•• ••• O•••••• H••••• C••••••• P••••••• | equity equity | Not disclosed | Not disclosed n/a | ||
| T•••• C••••••• L••• H••••••••• P••••••• R•••••••• L••• ($2,400 unfunded commitment) R••• C••• 12.60% R••• PIK 0.00% Investment date 3/4/2022 | revolver lien unstated | Not disclosed | Not disclosed | Mar 4, 2027 | |
| S••••• C•••••••• L•• I••••••••• T••••••••• Services Investment date 12/1/2021 | equity equity | Not disclosed | Not disclosed n/a | ||
| 2•••••••• I••• ••• i•••••••• I••••••••• T••••••••• Services | equity equity | Not disclosed | Not disclosed n/a | ||
| U• G••••••••• L•• B••••••• P••••••• M••••••••• | equity equity | Not disclosed | Not disclosed n/a | ||
| T•••• C••••••• L••• H••••••••• P••••••• R•••••••• L••• ($2,400 unfunded commitment) R••• C••• 12.90% R••• PIK 0.00% Investment date 3/4/2022 | revolver lien unstated | Not disclosed | Not disclosed n/a | Mar 4, 2027 | |
| U••••• B••••••••• L••• | unstated lien unstated | Not disclosed | Not disclosed n/a | ||
| U• G••••••••• L•• B••••••• P••••••• M••••••••• | unstated lien unstated | Not disclosed | Not disclosed n/a | ||
| C••••• T••••••••• S••••••••• L•• ••• C••••• M••••••• S••••••••• L••• I••••••••• T••••••••• Services | revolver lien unstated | Not disclosed | Not disclosed | S+625 bp PIK 11.39% | Apr 1, 2027 |
| A•••••• M•••• I•• I••••••••• T••••••••• Services | revolver lien unstated | Not disclosed | Not disclosed | S+750 bp PIK 12.90% | Oct 6, 2026 |
| U• G••••••••• L•• B••••••• P••••••• M••••••••• | equity equity | Not disclosed | Not disclosed n/a | ||
| A••••••• C•••••• B••••••• Services | equity equity | Not disclosed | Not disclosed | ||
| C••••••• S••••••• I••• A•••••••• • D•••••• M••••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+1000 bp | Jan 31, 2025 |
| A••••••• A••••••• L•• ••• W••••••••• T•••••••• S•••••••• E••••••••• I••••••••• | term loan first lien | Not disclosed | Not disclosed | S+650 bp | Jun 28, 2026 |
| U••••• B••••••••• L••• H••••••••• Services W•••••• (57,469 units) Investment date 3/5/2012 | warrants equity | Not disclosed | Not disclosed n/a | ||
| F••••••• S••••••••• L•• I••••••••• T••••••••• Services | term loan first lien | Not disclosed | Not disclosed | S+775 bp | Mar 25, 2027 |
| U• G••••••••• L•• B••••••• P••••••• M••••••••• | term loan second lien | $5.2M | Not disclosed n/a | PIK 3.00% | Aug 30, 2024 |
| T•••• C•••••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed n/a | ||
| M•••• M••••• F•••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| O•••••• S••••••• L•• I••••••••• T••••••••• Services | equity equity | Not disclosed | Not disclosed | Sep 30, 2027 | |
| U••••• B••••••••• L••• H••••••••• Services P•••••••• Equity (98,377 units) Investment date 4/1/2012 | preferred equity equity | Not disclosed | Not disclosed n/a | ||
| H••••••••• T••••••••• I••• H••••••••• Services | equity equity | Not disclosed | Not disclosed n/a | ||
| M•••• M••••• F•••• G•••••• S•••• F•••••••• S••••• T••••••• O | unstated lien unstated | Not disclosed | Not disclosed | ||
| Q•••• S••••••• U• H••••••• I••• I••••••••• T••••••••• Services V••••••• I•••• | term loan second lien | Not disclosed | Not disclosed | S+750 bp | Feb 1, 2030 |
| B••••••• I••••••••• L•• ••• B•••••••• R••••••••• | equity equity | Not disclosed | Not disclosed n/a |
Page 3 of 3Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-337982reported