DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
M•• I••••• F•••• I•••
Fair value
$1.0B
as of Jun 30, 2026
Principal held
$971M
debt pieces, the filer's figure
Cost
$1.0B
98c on cost
Unfunded
$115M
commitments not yet drawn
Positions
578
153 borrowers
First lien
n/a
89% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
319
19 sponsors financed
Portfolio through time
Fair value by quarter end$1.0B as of Jun 30, 2026
Dec 31, 2021$431M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.0B | 153 | 94c | 81 | 653 bp |
| Mar 31, 2026 | $1.0B | 151 | 95c | 68 | 653 bp |
| Dec 31, 2025 | $1.4B | 157 | 102c | 68 | 654 bp |
| Sep 30, 2025 | $921M | 153 | 95c | 69 | 670 bp |
| Jun 30, 2025 | $996M | 155 | 96c | 54 | 687 bp |
| Mar 31, 2025 | $1.0B | 158 | 95c | 58 | 690 bp |
| Dec 31, 2024 | $2.5B | 162 | 112c | 108 | 711 bp |
| Sep 30, 2024 | $854M | 159 | 94c | 59 | 707 bp |
| Jun 30, 2024 | $835M | 157 | 95c | 50 | 697 bp |
| Mar 31, 2024 | $802M | 153 | 95c | 43 | 691 bp |
| Dec 31, 2023 | $1.5B | 161 | 159c | 42 | 702 bp |
| Sep 30, 2023 | $798M | 157 | 93c | 45 | 702 bp |
| Jun 30, 2023 | $783M | 155 | 93c | 41 | 692 bp |
| Mar 31, 2023 | $782M | 150 | 91c | 41 | 700 bp |
| Dec 31, 2022 | $1.2B | 149 | 125c | 30 | 674 bp |
| Sep 30, 2022 | n/a | 39 | n/a | 0 | n/a |
| Jun 30, 2022 | n/a | 39 | n/a | 0 | n/a |
| Mar 31, 2022 | n/a | 39 | n/a | 0 | n/a |
| Dec 31, 2021 | $431M | 41 | 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)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
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 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
Largest facilities held, with co-lenders
- S•••• C•••• T•••••••• H•••••••• L•• term loan2 BDCs hold it · matures Aug 8, 2029$38.6M 100c
- C••••••• F••• C••••••••• term loan2 BDCs hold it · matures Jun 27, 2029 · I••••••••• O••••••••• P•••••••• L••$27.0M 101c
- M•• P••••••••• H•••••• I•• term loan2 BDCs hold it · matures Dec 2, 2030$27.0M 101c
- A•••• S••••• L•• term loan2 BDCs hold it · matures Dec 31, 2030$26.7M 101c
- C••••••• D••• S•••••• L•• term loan2 BDCs hold it · matures Aug 6, 2026$26.6M 66c
- E•••••• T•••••••• I••••••••• L•• term loan2 BDCs hold it · matures Mar 31, 2030$24.2M 102c
- M•••••• C••••••• G••••• L•• term loan2 BDCs hold it · matures Oct 1, 2030 · E•••••• L••• C•••••• M••••••••• L•••$24.1M 101c
- A••• P••••••••• I•• term loan2 BDCs hold it · matures Aug 1, 2030$22.3M 101c
- L•••• A••••••••• C••••••• L•• term loan2 BDCs hold it · matures Dec 31, 2028$22.1M 101c
- W••••• S••••••• L•• term loan2 BDCs hold it · matures Nov 19, 2027 · T•••• C•••••• M••••••••• I•••$20.4M 101c
- U•• I••••••••• L•• term loan2 BDCs hold it · matures Jul 29, 2029$19.2M 101c
- G••••••••• H•••••••• L•• term loan2 BDCs hold it · matures Jan 1, 2028$18.7M 100c
Schedule of investments at Jun 30, 2026
578 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 0c | Oct 19, 2026 | |
| B•••• A•••••••• I••. | preferred equity equity | n/a | $0 | ||
| B•••• A•••••••• I••. | preferred equity equity | n/a | $0 | ||
| E•••• A••••••••• L•• | term loan lien unstated | $0 | $0 | S+600 bp | Oct 3, 2027 |
| D•••••• C••••••••• L•• | preferred equity equity | n/a | $0 | ||
| Bond Brand Loyalty ULC | Common Equity | notes lien unstated | n/a | $0 | ||
| R••• O•••• L•• | term loan lien unstated | $0 | $0 0c | Aug 31, 2029 | |
| J•• E••••••••• • M••••••••• L•• | term loan lien unstated | $1.4M | $0 0c | 15.00% PIK 15.00% | Jun 20, 2030 |
| H••• R•••• S••••••• L•• | term loan lien unstated | $0 | $0 0c | S+600 bp | Jan 15, 2029 |
| D••••• M•••••••• S••••••••• I••. | term loan lien unstated | $0 | $0 0c | Feb 28, 2031 | |
| C•• E•••• U•• B••••• I••. | term loan lien unstated | $0 | $0 0c | S+675 bp | Jun 30, 2029 |
| A••••••••• L•• | equity equity | n/a | $0 0c | ||
| I••••••• I••••••••• L•• | equity equity | n/a | $0 | ||
| R• O••••••• L•• | equity equity | n/a | $0 | ||
| P•••••• H•••••• C••••••••• | equity equity | n/a | $0 0c | ||
| B••• C• L•• | term loan lien unstated | $4.1M | $0 0c | 15.00% PIK 15.00% | Aug 31, 2023 |
| J•• E••••••••• • M••••••••• L•• | equity equity | n/a | $0 0c | ||
| S•••••• R••••••• C•••••• L•• | preferred equity equity | n/a | $0 | ||
| D•••••• C••••••••• L•• | equity equity | n/a | $0 | ||
| V•••••••• L•• | preferred equity equity | n/a | $0 0c | ||
| R••••••••• S•••• S•••••••• | term loan lien unstated | $0 | $0 0c | S+500 bp | Aug 24, 2028 |
| W•••••••• B•••••• L•• | equity equity | n/a | $0 | ||
| B••••••• B•••••• I••. | term loan lien unstated | $4.5M | $0 0c | S+850 bp PIK 11.23% | May 6, 2026 |
| I•••••••• S••••••• S••••••, L.L.C | equity equity | n/a | $0 | ||
| H••• R•••• S••••••• L•• | term loan lien unstated | $0 | $0 | Jan 15, 2029 | |
| B••••• T••••• L•• | term loan lien unstated | $0 | $0 | Mar 7, 2027 | |
| B••• C• L•• | term loan lien unstated | $4.5M | $0 0c | 15.00% PIK 15.00% | Nov 4, 2024 |
| V•••••••• L•• | preferred equity equity | n/a | $0 | ||
| I••••••• X• H•••••••• L•• | term loan lien unstated | $0 | $0 | Mar 31, 2028 | |
| S•••• C•••• T•••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+500 bp | Aug 8, 2029 |
| HDC/HW I••••••••• Holdings | term loan lien unstated | $890,000 | $0 0c | 2.50% PIK 2.50% | Aug 21, 2026 |
| W•••••••• B•••••• L•• | term loan lien unstated | $0 | $0 | Jun 30, 2029 | |
| W••••• S••••••• L•• | term loan lien unstated | $0 | $0 0c | S+800 bp | Nov 19, 2027 |
| A•• H•••••••• I••. | preferred equity equity | n/a | $0 0c | ||
| A•• H•••••••• I••. | equity equity | n/a | $0 0c | ||
| H••• R•••• S••••••• L•• | term loan lien unstated | $0 | $0 | Jan 15, 2029 | |
| F•• I••••••••• H•••••• L•• | term loan lien unstated | $0 | $0 | May 28, 2029 | |
| HDC/HW I••••••••• Holdings | equity equity | n/a | $0 | ||
| M•••••• F•••••••• L•• | term loan lien unstated | $0 | $-2,000 100c | S+550 bp | Apr 3, 2028 |
| A••••••• H••••• S••••••• G••••• I••. | term loan lien unstated | $0 | $-2,000 100c | S+525 bp | Nov 19, 2028 |
| A••• A••••••• H•••••••• L•• | term loan lien unstated | $0 | $-4,000 100c | S+725 bp | Dec 23, 2027 |
| T•• S•••••••• L•• | term loan lien unstated | $0 | $-4,000 100c | S+550 bp | Dec 31, 2029 |
| T•• S•••••••• L•• | term loan lien unstated | $0 | $-5,000 100c | S+550 bp | Dec 31, 2029 |
| C••••• T••• H•••••••• L•• | term loan lien unstated | $0 | $-6,000 100c | S+600 bp | Jun 5, 2030 |
| I•••••••• I••••••••• L•• | term loan lien unstated | $0 | $-6,000 100c | Jun 30, 2031 | |
| A••• A••••••• H•••••••• L•• | term loan lien unstated | $0 | $-7,000 100c | S+725 bp | Dec 23, 2027 |
| B•••• C••••••••• | term loan lien unstated | $0 | $-11,000 100c | S+575 bp | Feb 3, 2030 |
| O••• C••••••• I••. | term loan lien unstated | $0 | $-13,000 100c | S+750 bp | Dec 21, 2028 |
| C• F••••••• L•• | term loan lien unstated | $0 | $-13,000 100c | S+650 bp | Jun 27, 2027 |
| C•• E•••• U•• B••••• I••. | term loan lien unstated | $0 | $-16,000 100c | S+675 bp | Jun 30, 2029 |
| C••••••• F••• C••••••••• | term loan lien unstated | $0 | $-18,000 100c | S+700 bp | Jun 27, 2029 |
| U•• A•••••••• L•• | term loan lien unstated | $0 | $-18,000 100c | Dec 20, 2027 | |
| M•••••• C••••••• Group | term loan lien unstated | $0 | $-18,000 100c | S+525 bp | Oct 1, 2030 |
| A••• P••••••••• I••. | term loan lien unstated | $0 | $-23,000 100c | S+525 bp | Aug 1, 2030 |
| A•• A••••••• G•••• S••••••• A••••••••• L•• | term loan lien unstated | $0 | $-24,000 100c | S+550 bp | Jul 24, 2031 |
| P•••••• R••••••••• • P••••• L•• | term loan lien unstated | $0 | $-28,000 100c | S+575 bp | Apr 24, 2031 |
| A•••• S••••• L•• | term loan lien unstated | $0 | $-34,000 100c | S+500 bp | Dec 31, 2030 |
| A•• A••••••• G•••• S••••••• A••••••••• L•• | term loan lien unstated | $0 | $-43,000 100c | S+550 bp | Jul 24, 2031 |
| P••••• L•• | term loan lien unstated | $0 | $-45,000 100c | S+550 bp | Jan 2, 2031 |
| P••••• L•• | term loan lien unstated | $0 | $-45,000 100c | S+550 bp | Jan 2, 2031 |
| A••• P••••••••• I••. | term loan lien unstated | $0 | $-46,000 100c | S+525 bp | Aug 1, 2030 |
| M•••••• C••••••• Group | term loan lien unstated | $0 | $-51,000 100c | S+525 bp | Oct 1, 2030 |
| H•••••• H•••••••• L•• | term loan lien unstated | $0 | $-52,000 100c | S+550 bp | Jun 30, 2031 |
| E•••••• T•••••••• I••••••••• L•• | term loan lien unstated | $0 | $-64,000 100c | S+550 bp | Mar 31, 2030 |
| H•••••• H•••••••• L•• | term loan lien unstated | $0 | $-78,000 100c | S+550 bp | Jun 30, 2031 |
| C••• T••••••••• | term loan lien unstated | $0 | $-86,000 100c | S+500 bp | Sep 23, 2031 |
| C••• T••••••••• | term loan lien unstated | $0 | $-86,000 100c | S+500 bp | Sep 23, 2031 |
| A••••••• N•••• L•• | term loan lien unstated | n/a | n/a | ||
| V•••••••• L•• | preferred equity equity | n/a | n/a | ||
| T••••••• R••••••• T••••• L•• | equity equity | n/a | n/a | ||
| N•••• I••••••••• I•••••••• L•• | preferred equity equity | n/a | n/a | ||
| U•• A•••••••• L•• | unstated lien unstated | n/a | n/a | ||
| N•••• I••••••••• I•••••••• L•• | term loan lien unstated | n/a | n/a | ||
| B••••••••• I••. | equity equity | n/a | n/a | ||
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p••••• | equity equity | n/a | n/a | ||
| M••••••••• A••••••••• L•• | warrants equity | n/a | n/a | ||
| K••• L•• | preferred equity equity | n/a | n/a | ||
| G•• R••••• T••••••••• L•• | term loan lien unstated | n/a | n/a | ||
| B••••• C•••• H•••••••• L•• | preferred equity equity | n/a | n/a | ||
| C••••••• S••••• L•• | term loan lien unstated | n/a | n/a | ||
| C••• P••••• I••. | term loan lien unstated | n/a | n/a | ||
| D••••• M•••••••• S••••••••• I••. | preferred equity equity | n/a | n/a | ||
| F•••• K••• H•••••••• L•• | equity equity | n/a | n/a | ||
| P••••• L•• | unstated lien unstated | n/a | n/a | ||
| T••••••• R••••••• T••••• L•• | term loan lien unstated | n/a | n/a | ||
| T••••••• R••••••• T••••• L•• | term loan lien unstated | n/a | n/a | ||
| A••• P••••••••• I••. | unstated lien unstated | n/a | n/a | ||
| C••••••••• H•••••• L•• | term loan lien unstated | n/a | n/a | ||
| G•• R••••• T••••••••• L•• | equity equity | n/a | n/a | ||
| A•• H•••••••• I••. | warrants equity | n/a | n/a | ||
| K••••••••• M••••••••• C••••••• L•• | preferred equity equity | n/a | n/a | ||
| S• E•••• L•• | term loan lien unstated | n/a | n/a | ||
| V•••••••• L•• | term loan lien unstated | n/a | n/a | ||
| S• E•••• L•• | unstated lien unstated | n/a | n/a | ||
| N•••••• L•• | preferred equity equity | n/a | n/a | ||
| C••••••• S••••• L•• | unstated lien unstated | n/a | n/a | ||
| G••••••••• H•••••••• L•• | term loan lien unstated | n/a | n/a | ||
| V•••••• E••••• O••••••••• L•• | term loan lien unstated | n/a | n/a | ||
| V•••••• E••••• O••••••••• L•• | preferred equity equity | n/a | n/a | ||
| K••• L•• | term loan lien unstated | n/a | n/a |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- unknownreported
- On the SEC BDC report
- 2013 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- HMS I••••• FUND, INC.reported
- Latest schedule
- 0001535778-26-000085reported