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 |
|---|---|---|---|---|---|
| T••••••••• O••• A••••••••• L•• | delayed draw term loan lien unstated | $669,832 | $669,832 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 1, 2028 |
| D•• S•••••• R•••••••• L•• | delayed draw term loan lien unstated | $666,667 | $666,667 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Aug 22, 2031 |
| A••••• A••••••••• L•• | revolver lien unstated | $649,510 | $643,015 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | May 7, 2028 |
| V••••••• B••••• L•• | term loan lien unstated | $628,201 | $628,201 100c | 13.50% | May 27, 2026 |
| M•••••• B••••••••• T•••••• Llc | revolver lien unstated | $614,310 | $614,310 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp | Jun 6, 2030 |
| I••••••• T•••• G•••• S••••••••• I••. IDX Parent, LLC | equity equity | n/a | $587,029 166c | ||
| T•• M••••••••• A••••••• L••, BV MA Blocker, Inc. | equity equity | n/a | $585,925 114c | ||
| A••••••••• L••, A••••••••• Holdings, LLC | equity equity | n/a | $575,713 79c | ||
| F••••••• H•••••••• L•• | delayed draw term loan lien unstated | $564,938 | $564,938 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Apr 1, 2029 |
| M•••••• B••••••••• T••••••• L•• BI Investors, LLC | equity equity | n/a | $558,374 130c | ||
| F••••••• H•••••••• L••, GRC Java Holdings | equity equity | n/a | $526,401 151c | ||
| A••••••• B•••••• E•••••••••, LLC | term loan lien unstated | $2.6M | $521,527 92c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| I••••• H••• S••••••• L•• | term loan lien unstated | $526,391 | $518,495 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+850 bp | Apr 28, 2028 |
| P•••••• G•••• H••••••• L•• | equity equity | n/a | $508,031 113c | ||
| P•••• P•••• G•••• A••••••••• I••. BCM P•••• Opportunity Parent, LLC | equity equity | n/a | $505,478 138c | ||
| E•••• C••• O••• L•• | delayed draw term loan lien unstated | $512,500 | $504,813 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Jul 31, 2030 |
| V••••••• B••••• L•• | term loan lien unstated | $502,566 | $502,566 100c | 13.50% | May 27, 2026 |
| T•• H••••••••• G••••• I••. | term loan lien unstated | $496,250 | $496,250 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Aug 7, 2028 |
| A••••• A••••••••• L•• Ad.Net Holdings, Inc. | preferred equity equity | n/a | $493,166 63c | ||
| e•••• C••••••••• L•• | revolver lien unstated | n/a | $487,013 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp | Dec 7, 2028 |
| S••••• C•••••••• H••••••• L••, S••••• Parent LLC | equity equity | n/a | $461,298 93c | ||
| U••• E••••••••• L•• | equity equity | n/a | $439,833 33c | ||
| R•••• A•• N••••••• L•• Centeotl Co-Invest B, LP | equity equity | n/a | $439,595 62c | ||
| J••• W••••••• L•• | term loan lien unstated | $3.6M | $436,821 12c | 5.00% | Dec 31, 2026 |
| W•• H•••••••• L•• | term loan lien unstated | $422,616 | $418,390 100c | 5.50% | Apr 11, 2030 |
| D•• S•••••• R•••••••• L•• Phoenix Parent LLC | equity equity | n/a | $404,145 225c | ||
| V••••••• B••••• L•• | term loan lien unstated | $556,930 | $398,205 83c | 13.50% | May 27, 2026 |
| C•••••••• B••••• I••. C•••••••• Holding, L.P. | equity equity | $466 | $376,233 81c | ||
| A•••••• I••., Green Topco Holdings, LLC | equity equity | n/a | $362,196 186c | ||
| C•••••• P••••••• S•••••• S•••••••• L•• QHP Project Captivate Blocker, Inc. | equity equity | n/a | $355,593 124c | ||
| V••••••• B••••• L•• | term loan lien unstated | $352,052 | $352,052 100c | 13.50% | May 27, 2026 |
| e•••• C••••••••• L•• | revolver lien unstated | n/a | $350,649 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp | Dec 7, 2028 |
| N••••• L••, N••••• Holdings | equity equity | n/a | $343,565 110c | ||
| V••••••• B••••• L•• | term loan lien unstated | $337,697 | $337,697 103c | 13.50% | May 27, 2026 |
| A•••• O••• L••, Ishtar Co-Invest-B LP | equity equity | $77,778 | $331,708 870c | ||
| P••• D•••• B•••• L••, P••• D•••• Parent LLC | equity equity | n/a | $329,141 101c | ||
| C•••••• B••••• L•• C•••••• Holdings Partnership | equity equity | n/a | $327,174 135c | ||
| O• R•• L••, THRM Brands Holdings, LLC | equity equity | n/a | $324,324 100c | ||
| A••••••• R••••••••• L••, AR-USA Holdings | equity equity | $141 | $323,389 256c | ||
| N••••••/Hobbs Material Handling Corporation II, Inc. N•••••• Hobbs Holdings, L.P. | equity equity | n/a | $311,900 | ||
| A••••••• B•••••• E•••••••••, LLC | revolver lien unstated | $1.6M | $311,687 92c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| T••••••••• O••• A••••••••• L•• T••••••••• Holdings, LLC | equity equity | n/a | $311,072 120c | ||
| M••••• E••••••••• G•••• I••••••••• H•••••••• I••. M••••• E••••••••• Group Holdings, LLC | preferred equity equity | n/a | $309,301 81c | ||
| S••• I••••••••• L••, FCP-S••• Holdings | preferred equity equity | n/a | $305,764 87c | ||
| P••• U•••• H••••• L••, Xanitos Topco, LLC | equity equity | n/a | $298,039 121c | ||
| R•• A••••••• B•••••••• L••, RIA Advisory A••••••••• | equity equity | n/a | $284,315 177c | ||
| C•••• I••••••••• I••• C•••• H•••••••• L• | equity equity | n/a | $280,074 211c | ||
| N•••••• M•••••• A••••••••• I••. | revolver lien unstated | $266,667 | $264,000 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp | Oct 31, 2029 |
| M•••••••• L•• | revolver lien unstated | $259,215 | $259,215 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Dec 21, 2028 |
| I••••• H••• S••••••• L•• | term loan lien unstated | $262,519 | $258,581 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+850 bp | Apr 28, 2028 |
| L•••••••• I••••••••• I•• L•• Gauge Vimergy Coinvest | equity equity | n/a | $258,297 66c | ||
| M••••••• A••••••••• L•• | delayed draw term loan lien unstated | $255,523 | $254,245 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 7, 2031 |
| W•• H•••••••• L•• Blade L•••scape Investments, LLC | equity equity | n/a | $250,463 139c | ||
| F•••• S•••••• I•••••••• I••••••••• H•••••••• L••. | equity equity | n/a | $240,152 90c | ||
| R•••••••• O•••• L••, Priority | revolver lien unstated | $120,000 | $240,000 200c | 12.50% | Feb 7, 2028 |
| P•• S•••••••• I••. PCS S••••••• Parent LLC | equity equity | n/a | $227,439 2276c | ||
| C•••••••••, LLC C••••••••• Holdings, Inc. | preferred equity equity | n/a | $224,804 43c | ||
| T••••••• L••, HH- Techrez Parent LP | preferred equity equity | n/a | $223,492 248c | ||
| A••• A••••••••• L••, A••• Holdings, LP | equity equity | $14,246 | $219,049 154c | ||
| W•• H•••••••• L•• | revolver lien unstated | $214,260 | $212,117 99c | 5.50% | Apr 11, 2030 |
| M•••••••• C••••• A••••••••• Inc, M••••••••-C••••• Investment, LP | equity equity | n/a | $208,383 208c | ||
| S•••••• C••••••••• L•••••• S• S•••••• H••••••• L• | equity equity | n/a | $201,135 68c | ||
| F••••••••• B••••• L••, FCP-Connect Holdings LLC | preferred equity equity | n/a | $200,397 105c | ||
| V••••••••• P••••••••• L•• | term loan lien unstated | $200,000 | $196,636 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp | Apr 3, 2031 |
| S•••••• A••••••••• C•• L•• S•••••• HoldCo, LLC | equity equity | n/a | $186,807 100c | ||
| E••••• L••• S••••••••, LLC SP ELS Holdings LLC | equity equity | n/a | $182,059 16c | ||
| GSF B••••, LLC GSF Group Holdings, L.P. | equity equity | n/a | $181,917 76c | ||
| S•••••• H••••• P••••••• M••• L•• S•••••• H••••• Partners Holdings, LLC | equity equity | n/a | $181,909 133c | ||
| S••••••••• L••, CIVC S•••••••• Blocker | equity equity | n/a | $179,921 106c | ||
| C• A••• H••••••• L•• | equity equity | n/a | $162,138 209c | ||
| C••••• I••. StellPen Holdings, LLC | equity equity | n/a | $150,926 68c | ||
| A••••••• B•••••• E••••••••• | term loan lien unstated | $129,530 | $129,530 100c | 15.00% | Sep 30, 2026 |
| A••••• A••••••••• L•• | revolver lien unstated | $129,902 | $128,603 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | May 7, 2028 |
| E••••••••• R•••••••• L••, ERI Parent Holdings | equity equity | $163,109 | $118,625 74c | ||
| A•• G•••• O•••, LLC ADS Group Topco, LLC | equity equity | n/a | $116,613 71c | ||
| M•••••••• H••••••• L•• | revolver lien unstated | $108,113 | $115,186 98c | 9.00% PIK 6.00% | May 30, 2029 |
| C••••••• C••• L•• C••••••• C••• H••••••• I••. | preferred equity equity | n/a | $111,409 100c | ||
| I•••••••• M•••• B••••• L•• Tower A••• I•••••••• M••••, LP | equity equity | n/a | $111,285 43c | ||
| C••••••• S••••••• A•••••••• L•• C••••••• S••••••• H••••••• L•• | equity equity | n/a | $111,074 41c | ||
| W•• H•••••••• L•• | revolver lien unstated | $109,877 | $108,778 99c | 5.50% | Apr 11, 2030 |
| M•••••••• H••••••• L•• | term loan lien unstated | $106,590 | $104,458 98c | 9.00% PIK 6.00% | May 30, 2029 |
| F••••••• H•••••••• L•• | term loan lien unstated | $103,201 | $103,201 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Apr 1, 2029 |
| E••••• L••• S••••••••, LLC SP EA Holdings LLC | term loan lien unstated | $115,243 | $103,142 89c | 15.00% PIK 15.00% | Jun 30, 2028 |
| N•••••• L•• | delayed draw term loan lien unstated | $100,000 | $100,000 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Oct 12, 2027 |
| V•••• B••••, LLC | delayed draw term loan lien unstated | $100,000 | $99,500 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+475 bp | Dec 23, 2031 |
| A••••••• R••••••••• L•• | delayed draw term loan lien unstated | $97,750 | $97,750 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Mar 31, 2028 |
| A•• H•••••••• L•• | equity equity | $375,000 | $97,278 26c | ||
| A••• P••••••• A••• L•• | delayed draw term loan lien unstated | $97,500 | $97,013 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+475 bp | Dec 31, 2030 |
| A•••• O••• L••, Oshun Co-Invest-B LP | equity equity | $22,222 | $94,773 448c | ||
| A•••• O••• L•• | term loan lien unstated | n/a | $94,638 101c | //stelluscapital.com/20260630#Six Month Term Secured Overnight Financing Rate+525 bp | Jul 1, 2029 |
| R•••••••• O•••• L••, Priority | revolver lien unstated | $45,000 | $90,000 200c | 12.50% | Feb 7, 2028 |
| M•••••••• C••••• A••••••••• Inc | term loan lien unstated | $86,331 | $86,331 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Sep 2, 2027 |
| L•••• L•••••• Inc. | revolver lien unstated | $91,508 | $82,815 91c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 bp | Nov 9, 2027 |
| I••••• H••• S••••••• L•• | revolver lien unstated | $82,500 | $81,263 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+850 bp | Apr 28, 2028 |
| I•••••• B••••• L•• | delayed draw term loan lien unstated | $80,208 | $80,208 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp | Aug 15, 2028 |
| M•••••••• H••••••• L•• | delayed draw term loan lien unstated | $73,066 | $72,272 98c | 9.00% PIK 6.00% | May 30, 2029 |
| T••••••••• O••• A••••••••• L•• | revolver lien unstated | $66,667 | $66,667 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 1, 2028 |
| M•••••• L•••• Holdings | unstated lien unstated | n/a | $66,310 16c | ||
| C•••••• 3•• A••••••••• L•• C•••••• 360 Investments, LLC | equity equity | n/a | $65,734 22c | ||
| R•••••••• O•••• L••, Priority | revolver lien unstated | $32,500 | $65,000 200c | 12.50% | Feb 7, 2028 |
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