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
S•••••• C•••••• I••••••••• C•••
Fair value
$973M
as of Jun 30, 2026
Principal held
$872M
debt pieces, the filer's figure
Cost
$978M
100c on cost
Unfunded
n/a
commitments not yet drawn
Positions
403
130 borrowers
First lien
0%
90% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
292
22 sponsors financed
Portfolio through time
Fair value by quarter end$973M as of Jun 30, 2026
Dec 31, 2021$772M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $973M | 130 | 96c | 33 | 598 bp |
| Mar 31, 2026 | $998M | 128 | 96c | 28 | 602 bp |
| Dec 31, 2025 | $1.4B | 137 | 97c | 39 | 602 bp |
| Sep 30, 2025 | $1.0B | 130 | 97c | 34 | 605 bp |
| Jun 30, 2025 | $991M | 126 | 97c | 32 | 615 bp |
| Mar 31, 2025 | $991M | 123 | 97c | 27 | 615 bp |
| Dec 31, 2024 | $1.4B | 128 | 99c | 33 | 622 bp |
| Sep 30, 2024 | $909M | 118 | 97c | 24 | 708 bp |
| Jun 30, 2024 | $900M | 111 | 97c | 22 | 701 bp |
| Mar 31, 2024 | $876M | 107 | 98c | 21 | 693 bp |
| Dec 31, 2023 | $923M | 106 | 97c | 20 | 682 bp |
| Sep 30, 2023 | $708M | 92 | 93c | 6 | 659 bp |
| Jun 30, 2023 | $867M | 104 | 94c | 15 | 669 bp |
| Mar 31, 2023 | $877M | 96 | 95c | 14 | 665 bp |
| Dec 31, 2022 | $850M | 93 | 95c | 11 | 667 bp |
| Sep 30, 2022 | n/a | 97 | n/a | 5 | 667 bp |
| Dec 31, 2021 | $772M | 80 | 96c | 5 | 677 bp |
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
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 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 appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
Largest facilities held, with co-lenders
- V••••••• B••••• L•• term loan1 BDC hold it · matures Dec 20, 2028 · P•••••••• C•••••• P•••••••$23.1M 84c
- A••••••• B•••••• E••••••••• term loan1 BDC hold it · matures Nov 30, 2026 · S•••••• C•••••• M••••••••• L••$21.8M 53c
- E••••• L••• S•••••••• term loan1 BDC hold it · matures Jun 30, 2028 · S•••••• C•••••• M••••••••• L••$17.4M 97c
- A••••• A••••••••• L•• term loan1 BDC hold it · matures May 7, 2028 · C•••••• C•••••• P•••••••• L••$16.7M 99c
- P•• term loan1 BDC hold it · matures Jun 30, 2027$15.7M 99c
- M•• E••••••••• L•• term loan1 BDC hold it · matures May 19, 2028$15.1M 99c
- C•••••• P••••••• I••••••••• L•• term loan4 BDCs hold it · matures Feb 7, 2027$14.6M 100c
- I••••••••• L•• term loan1 BDC hold it · matures Jul 30, 2027 · T•• C•••••••• G••••• L••$14.5M 100c
- U••• E••••••••• L•• term loan1 BDC hold it · matures Dec 22, 2026$14.2M 99c
- A•• G•••• O••• term loan1 BDC hold it · matures Dec 31, 2027$13.6M 98c
- J••• W••••••• L•• term loan1 BDC hold it · matures Dec 31, 2026 · S•••••• C•••••• M••••••••• L••$13.6M 24c
- C••••• I•• term loan1 BDC hold it · matures Sep 1, 2026$13.2M 100c
Schedule of investments at Jun 30, 2026
403 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M••••••• A••••••••• L•• | term loan lien unstated | $3.6M | $3.6M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 7, 2031 |
| J••• W••••••• L••, Priority | revolver lien unstated | $1.7M | $3.5M 200c | 5.00% | Dec 31, 2026 |
| J••• W••••••• L•• | revolver lien unstated | n/a | $3.5M | ||
| A••• L•••• S••••••••• L•• SG AL Investment, LLC | equity equity | $1,000 | $3.4M 1038c | ||
| A••••••• B•••••• E•••••••••, LLC | term loan lien unstated | $16.8M | $3.4M 20c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| R•••••••• O•••• L•• | term loan lien unstated | $5.3M | $3.1M 59c | 12.50% | Feb 7, 2028 |
| S•••••• T••••••• L•• | term loan lien unstated | $3.0M | $3.0M 100c | 10.00% PIK 10.00% | Mar 21, 2030 |
| C•••• I••••••••• I••. | term loan lien unstated | $2.9M | $2.9M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Dec 31, 2027 |
| A••• P••••••• A••• L•• A••• Air P•••••, LLC | preferred equity equity | n/a | $2.9M 661c | ||
| F••••••••• B••••• L•• | term loan lien unstated | $2.9M | $2.9M 101c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+525 bp | Mar 12, 2029 |
| W•••••••• R•••••••• H•••••••• L•• | preferred equity equity | n/a | $2.9M 100c | ||
| C••••• I••. | delayed draw term loan lien unstated | $2.8M | $2.8M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Sep 1, 2026 |
| E••••• L•• | delayed draw term loan lien unstated | n/a | $2.7M 93c | 5.50% PIK 9.84% | Dec 19, 2029 |
| F••••••• H•••••••• L•• | delayed draw term loan lien unstated | $2.6M | $2.6M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Apr 1, 2029 |
| A••••••• B•••••• E•••••••••, LLC Super Priority | term loan lien unstated | $875,000 | $2.6M 300c | 15.00% | Nov 30, 2026 |
| W•• H•••••••• L•• | term loan lien unstated | $2.7M | $2.6M 100c | 5.50% | Apr 11, 2030 |
| P••••••• D•••••• S•••••••• I••.P••••••• D•••••• Holdings, Inc. | equity equity | n/a | $2.6M | ||
| M••••••••• G••••• L•• | term loan lien unstated | $2.5M | $2.5M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| M••••••••• G••••• L•• | delayed draw term loan lien unstated | $2.4M | $2.4M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| T••••••••• O••• A••••••••• L•• | term loan lien unstated | $2.4M | $2.4M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 1, 2028 |
| A••••••• B•••••• E•••••••••, LLC Super Priority | term loan lien unstated | $795,882 | $2.4M 246c | 15.00% | Nov 30, 2026 |
| I•••••••• M•••• B••••• L•• | term loan lien unstated | $2.4M | $2.4M 98c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp | May 1, 2028 |
| A••••••••• A••••••••• H••••••• I•• L••. | equity equity | n/a | $2.4M | ||
| V••••••• B••••• L•• | delayed draw term loan lien unstated | $2.9M | $2.0M 751c | 13.50% | May 27, 2026 |
| M••••••••• G••••• L•• | term loan lien unstated | $2.0M | $2.0M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| A••••••••• LLC | revolver lien unstated | $2.0M | $2.0M 100c | 15.00% PIK 15.00% | Nov 6, 2028 |
| B••• a•• A•• A••••••••• L•• | term loan lien unstated | n/a | $2.0M 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Aug 16, 2030 |
| V••••••• B••••• L•• | revolver lien unstated | $2.8M | $2.0M 71c | 13.50% | May 27, 2026 |
| V••••••• B••••• L•• | term loan lien unstated | $1.9M | $1.9M 100c | 13.50% | May 27, 2026 |
| A••• P••••••• Air L L C | term loan lien unstated | n/a | $1.8M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+475 bp | Dec 31, 2030 |
| PCS S••••••• | term loan lien unstated | $1.8M | $1.8M 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 |
| N••••••/Hobbs Material Handling Corporation II, Inc. | revolver lien unstated | $1.8M | $1.8M 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Dec 31, 2026 |
| T••••••••• A••••••••• H••••••• L•• | term loan lien unstated | $1.8M | $1.8M 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp | May 31, 2029 |
| B••• a•• A•• A••••••••• L•• | delayed draw term loan lien unstated | $1.7M | $1.7M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Aug 16, 2030 |
| E•••••• A•••••••• L•• | revolver lien unstated | n/a | $1.7M 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.79% | Jul 15, 2026 |
| C••• V••••• I••• C• T•••• L•• U•••• | unstated lien unstated | n/a | $1.7M 182c | ||
| C•••••• P••••••• I••••••••• L•• | term loan lien unstated | $1.6M | $1.6M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Feb 7, 2027 |
| J••• W••••••• L•• | term loan lien unstated | n/a | $1.6M | ||
| I•• H•••••••• L•• | preferred equity equity | n/a | $1.6M | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.6M | $1.6M 98c | 15.00% | Sep 30, 2026 |
| I••••••••• L••, Credit Connection Holdings | equity equity | n/a | $1.6M 531c | ||
| M••••• E••••••••• G•••• I••••••••• H•••••••• I•• | delayed draw term loan lien unstated | $1.6M | $1.6M 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+625 bp | Aug 3, 2029 |
| T••••••••• O••• A••••••••• L•• T••••••••• Holdings, LLC | equity equity | n/a | $1.5M 160c | ||
| A••••••• B•••••• E•••••••••, LLC Super Priority | term loan lien unstated | $500,000 | $1.5M 300c | 15.00% | Nov 30, 2026 |
| G• H••• I••••••••• L••, HV GS A•••••••••, LP | equity equity | n/a | $1.5M 265c | ||
| G• H••• I••••••••• L•• | revolver first lien | $1.5M | $1.5M 98c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+650 bp | Nov 30, 2028 |
| 2• L•• | term loan lien unstated | $1.4M | $1.4M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 5, 2028 |
| I•••••••• M•••• B••••• L•• | delayed draw term loan lien unstated | $1.4M | $1.4M 98c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp | May 1, 2028 |
| W•• H•••••••• L•• | delayed draw term loan lien unstated | $1.3M | $1.3M 100c | 5.50% | Apr 11, 2030 |
| V••••••• B••••• L•• | term loan lien unstated | $1.3M | $1.3M 100c | 13.50% | May 27, 2026 |
| V••••••• B••••• L•• | term loan lien unstated | $1.3M | $1.3M 100c | 13.50% | May 27, 2026 |
| 2• L•• I•••••••• L• | equity equity | n/a | $1.2M 690c | ||
| BL P••••••• P•••••, L.P. | equity equity | $879,060 | $1.2M 124c | ||
| J••• W••••••• L•• | term loan lien unstated | $10.0M | $1.2M 12c | 4.09% | Dec 31, 2026 |
| T•• L••••••• H•••••••• L•• | equity equity | n/a | $1.2M 625c | ||
| C•••••••• I••••••••• I• I••, Gauge C•••••••• LP | equity equity | $626,690 | $1.2M 185c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.2M | $1.1M 98c | 15.00% | Sep 3, 2026 |
| F••••••• H•••••••• L•• | revolver lien unstated | $1.1M | $1.1M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Apr 1, 2029 |
| M•• M••••••••• L••, MBH P•••••, LLC | equity equity | n/a | $1.1M 180c | ||
| I•••••• B••••• L••, I•••••• Holdings | preferred equity equity | n/a | $1.1M 139c | ||
| B•••• M••••••••• C••••••• L•• BSC Blue Water Holdings, LLC | equity equity | n/a | $1.1M 146c | ||
| V••••••• B••••• L•• | term loan lien unstated | $1.5M | $1.1M 356c | 13.50% | May 27, 2026 |
| E•••••• A•••••••• L•• | revolver lien unstated | $1.1M | $1.1M 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.79% | Jul 15, 2026 |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.1M | $1.1M 98c | 15.00% | Sep 3, 2026 |
| O•••••• I••••••••• S•••••••• L••, Spearhead T•••• | equity equity | n/a | $1.0M 172c | ||
| E•••• C••• O••• L•• R••••••• E•••• C••• C••••••••• L• | equity equity | n/a | $1.0M 114c | ||
| G•••••• C••• | revolver lien unstated | $1.0M | $1.0M 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp | Mar 12, 2029 |
| D•• E••••••••• L•• DFO Ultimate Holding, LP | equity equity | n/a | $1.0M 249c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.0M | $1.0M 98c | 15.00% | Sep 3, 2026 |
| E••••••••• A•••••••••, Inc. KEJ Holdings LP | equity equity | n/a | $1.0M 115c | Feb 8, 2024 | |
| C•••••• 3•• A••••••••• L•• | delayed draw term loan lien unstated | $1.1M | $1.0M 96c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp PIK 1.50% | Aug 2, 2028 |
| N••••• L•• NS Group Holding Company, LLC | equity equity | n/a | $991,063 125c | May 5, 2026 | |
| A••• L•••• S••••••••• L••, SG AL Investment | equity equity | $239 | $985,826 223c | ||
| M••••••••• G••••• L•• | term loan lien unstated | $990,000 | $985,050 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| E••••• L••• S••••••••, LLC | term loan lien unstated | $991,990 | $962,230 97c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00% | Dec 31, 2027 |
| P•• S•••••••• I••.Delayed Draw | term loan lien unstated | $961,897 | $952,278 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 |
| C••••• H•••••••• L•• SP CS Holdings LLC | equity equity | n/a | $943,488 109c | ||
| M•••••• B••••••••• T••••••• L•• | delayed draw term loan lien unstated | $899,333 | $899,333 101c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp | Jun 6, 2030 |
| T•••• 2•• L••, T•••• 21 Blocker, Inc. | equity equity | n/a | $881,346 156c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $899,683 | $877,191 98c | 15.00% | Sep 3, 2026 |
| W•• H•••••••• L•• | delayed draw term loan lien unstated | $882,574 | $873,748 100c | 5.50% | Apr 11, 2030 |
| B••• and Associates, LLC Bamp;A Partners Holding, LLC | preferred equity equity | $722,411 | $842,339 117c | ||
| M•• E••••••••• L•• MBliss SPC Holdings | equity equity | n/a | $836,623 90c | ||
| S•••• S•••••• H•••••• L••, Carolina T•••• Holdings, LP | equity equity | n/a | $832,517 121c | ||
| I••••••••• B••• C•••••• L•• | term loan lien unstated | $1.1M | $826,682 73c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp PIK 11.29% | Mar 31, 2029 |
| G•••••• C••• T•••• M•••• T•••• L• | equity equity | n/a | $823,096 142c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $816,517 | $796,104 97c | 15.00% | Sep 30, 2026 |
| E•••••• A•••••••• L•• | revolver lien unstated | $791,975 | $791,975 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.79% | Jul 15, 2026 |
| T•• H••••••••• G••••• I••. | term loan lien unstated | $789,960 | $789,960 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Aug 7, 2028 |
| N••••••/Hobbs Material Handling Corporation II, Inc. N•••••• Hobbs Holdings, L.P. | equity equity | n/a | $782,715 550c | ||
| M•••••••• L••, SP MWM H••••• LLC | equity equity | n/a | $781,090 153c | ||
| P•••••• S•••••• H•••••••• L••, PSP Ultimate Holdings, LP | equity equity | n/a | $773,576 155c | ||
| T•• H••••••••• G••••• I••. BV HGI Holdings, L.P. | equity equity | n/a | $753,014 111c | ||
| V•••• B••••, LLC, V•••• H••••• LLC Voting | equity equity | n/a | $727,000 169c | ||
| N•••••• M•••••• A••••••••• I••., N•••••• M•••••• P•••••, LP | preferred equity equity | n/a | $720,740 97c | ||
| S•••••• T••••••• L•• | preferred equity equity | n/a | $698,954 42c | ||
| I••••••••• B••• C•••••• L•• | revolver lien unstated | $957,447 | $694,149 72c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp PIK 11.29% | Mar 31, 2029 |
| A•••••• I••., Green T•••• Holdings, LLC | equity equity | $16,598 | $691,729 | ||
| U••••• C••••••• H•••••••• L••, U••••• C••••••• LLC | equity equity | $7,500 | $685,206 91c | ||
| e•••• C••••••••• L•• evolv H•••••, LLC | preferred equity equity | $481,521 | $679,090 141c |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2013 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001104659-26-093435reported