DFX Intelligence

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A•••• C••••• B•• I•••

Business development companyNon-traded· BOSTON, MA

A non-traded business development company, holding $383M across 263 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $383M
Borrowers: 263
Mark on cost: 94.5¢
First lien: 97%

Schedule of investments (659)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

38 below 80¢
$56.3M principal
38 positions across 27 borrowers marked below 80¢ on cost, $56.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
14 → 18
loans paying in kind
Loans paying in kind rose from 14 to 18 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1633858 · file 814-01154Show

Fair value

$383M

as of Jun 30, 2026

Principal held

$399M

debt pieces, the filer's figure

Cost

$404M

94c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

659

263 borrowers

First lien

97%

97% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

474

62 sponsors financed

Portfolio through time

Fair value by quarter end$383M as of Jun 30, 2026

Dec 31, 2022$421M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$383M	263	94c	18	482 bp
Mar 31, 2026	$403M	267	95c	14	474 bp
Dec 31, 2025	$805M	333	97c	28	477 bp
Sep 30, 2025	$401M	273	97c	15	485 bp

All 14 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$402M	258	97c	14	493 bp
Mar 31, 2025	$1.6B	245	97c	0	495 bp
Dec 31, 2024	$1.8B	303	98c	0	504 bp
Sep 30, 2024	$396M	243	98c	7	511 bp
Jun 30, 2024	$383M	229	98c	4	527 bp
Mar 31, 2024	$376M	217	99c	1	537 bp
Dec 31, 2023	$1.6B	248	99c	2	535 bp
Sep 30, 2023	$391M	211	98c	0	528 bp
Jun 30, 2023	$391M	210	98c	0	524 bp
Dec 31, 2022	$421M	221	98c	1	510 bp

Sponsors financed

W•••••• P••••• L•• possible
4 borrowers $5.2M
C•••• S••••• C•••••• possible
4 borrowers $3.4M
A••••• I•••••••• possible
3 borrowers $6.5M
T• A••••••••• possible
3 borrowers $5.2M
S••••• L••• T••••••••• M••••••••• L•• possible
3 borrowers $4.8M

All 15 sponsors

A•••••••• I••••••••• M••••••••• L•• possible
3 borrowers $3.5M
S••••••••• C•••••• L• possible
3 borrowers $3.0M
W••••••••• C•••••• M••••••••• G•••• L•• possible
3 borrowers $2.9M
I••••••• C•••••• P•••••••• L•• possible
2 borrowers $7.8M
T•• L• possible
2 borrowers $7.2M
W••• C•••••• P••••••• possible
2 borrowers $6.0M
H••••• C••••••• L•• possible
2 borrowers $5.8M
W• C•••••• P••••••• possible
2 borrowers $5.1M
G••••••••• E••••• G•••• possible
2 borrowers $4.9M
L•••••• G•••• • P•••••••• L••• possible
2 borrowers $4.6M

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

I••••••••• first lien term loan
1 BDC hold it · matures Jan 20, 2028
$5.9M 101c
C••••• B•••••• first lien term loan
1 BDC hold it · matures Jun 28, 2030 · possible sponsor P•••••••• C•••••• P•••••••
$5.7M 101c
N•• S•••••• 2••••• first lien term loan
2 BDCs hold it · matures Nov 1, 2029 · possible sponsor T•• L•
$5.6M 101c
V••••• C••••••••• L•• first lien term loan
6 BDCs hold it · matures May 7, 2032
$5.0M 101c
A••••••• V••••• P••••••• first lien term loan
2 BDCs hold it · matures Sep 30, 2027 · possible sponsor H••••• C••••••• L••
$4.8M 100c
A••••••• E••••••••• G•••• first lien term loan
2 BDCs hold it · matures Dec 30, 2028
$4.5M 31c
C••••• P••••••• first lien term loan
1 BDC hold it · matures Jul 28, 2031
$4.5M 101c
E••••• • T••••••••• E••••••• first lien term loan
1 BDC hold it · matures May 29, 2029 · possible sponsor G•••• C••••••
$4.5M 102c
A•••••• S••••••••• first lien term loan
1 BDC hold it · matures Nov 21, 2029
$4.4M 76c
A••••• first lien term loan
1 BDC hold it · matures Oct 18, 2029
$4.3M 102c
R•••••••• first lien term loan
1 BDC hold it · matures Jul 21, 2028 · possible sponsor W••••••• H••••• I••••••••• L••
$4.3M 74c
C••••••••• first lien term loan
1 BDC hold it · matures Jul 31, 2028 · possible sponsor T• A•••••••••
$4.2M 98c

Schedule of investments at Sep 30, 2024

420 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C•••••	term loan first lien	$498,750	$498,750 102c	SOFR+600 bp	Oct 18, 2030
P•••• G••• C•••••••••	term loan first lien	$498,747	$498,747 100c	SOFR+475 bp	Dec 2, 2030
G••••••••	term loan first lien	$500,000	$497,786 100c	SOFR+375 bp	Jul 31, 2031
R••••	term loan first lien	$498,750	$497,503 101c	SOFR+475 bp	Feb 27, 2031
N•• V••••	term loan first lien	$500,000	$497,500 100c	SOFR+325 bp	Sep 30, 2031
n••••	term loan first lien	$500,000	$497,500 100c	SOFR+350 bp	Sep 17, 2031
T••••••	term loan first lien	$500,000	$497,500 101c	SOFR+450 bp	Aug 6, 2031
P•••••••••	term loan first lien	$500,000	$497,500 100c	SOFR+350 bp	Oct 1, 2031
C••••• M••••••	term loan first lien	$498,750	$496,256 101c	SOFR+500 bp	Jan 30, 2029
H••••••••	term loan first lien	$498,741	$496,247 101c	SOFR+400 bp	Sep 27, 2030
G•••••••••	term loan first lien	$497,500	$495,013 100c	SOFR+525 bp	Dec 19, 2028
A••••••••	term loan first lien	$500,000	$494,765 99c	SOFR+300 bp PIK 3.00%	Sep 5, 2031
S• E••••••••• S••••••••	term loan first lien	$495,000	$493,763 102c	SOFR+500 bp	May 2, 2030
P••••••• O••• H•••••	term loan first lien	$495,238	$492,762 104c	SOFR+475 bp	Nov 16, 2028
B•• B•• M•••••	term loan first lien	$496,250	$492,528 102c	SOFR+600 bp	Nov 9, 2029
T••• S•••••••	term loan first lien	$496,144	$491,555 100c	SOFR+500 bp	Dec 20, 2027
A•• M• S•••	term loan first lien	$497,279	$491,063 100c	SOFR+475 bp	Oct 25, 2028
S•••••• L••••	term loan first lien	$496,186	$490,604 99c	SOFR+350 bp	Oct 30, 2027
I••••••••• P••••••	term loan first lien	$496,250	$490,047 102c	SOFR+625 bp	Jul 19, 2029
C•••••••	term loan first lien	$487,500	$485,063 100c	SOFR+375 bp	Oct 8, 2028
B•••••••	term loan first lien	$485,372	$482,946 100c	SOFR+600 bp	Oct 31, 2025
F••• S••• P••••••••	term loan first lien	$490,000	$482,650 100c	SOFR+425 bp	May 5, 2029
C•••••••• H•••••	term loan first lien	$492,500	$481,419 103c	SOFR+750 bp	Nov 30, 2028
D•••••••	term loan first lien	$478,883	$481,045 100c	SOFR+375 bp	May 19, 2028
S••••••• S••••••	term loan first lien	$501,002	$480,962 99c	SOFR+500 bp	Feb 1, 2029
K•••• E••••••••• S••••••s	term loan first lien	$486,250	$480,172 99c	SOFR+500 bp	Oct 29, 2027
B••••••••	term loan first lien	$491,250	$478,799 100c	SOFR+450 bp	Aug 15, 2029
S•••••	term loan first lien	$483,750	$478,308 99c	SOFR+375 bp	Mar 2, 2028
C•••••••••	term loan first lien	$498,750	$474,970 96c	SOFR+375 bp	Mar 27, 2031
S••••••	term loan first lien	$471,694	$472,086 101c	SOFR+475 bp	Mar 15, 2030
I••••••• E•••••••••	term loan first lien	$483,881	$470,775 97c	SOFR+375 bp	Mar 2, 2028
A•••••••••	term loan first lien	$483,844	$468,119 97c	SOFR+400 bp	Sep 20, 2028
A••••••• S•••••••••	term loan first lien	$484,933	$465,536 97c	SOFR+425 bp	Jun 30, 2028
N•• S•••••• 2•••••	delayed draw term loan first lien	$464,633	$464,633 100c	SOFR+575 bp	Nov 1, 2029
I•••••••	revolver first lien	$464,363	$464,363 105c	SOFR+650 bp	Dec 22, 2028
I••••••••• S••••••• G••••• E••••• S•••••••••	equity equity	$238	$437,541 184c
D••••• W•••• S••••••••	term loan first lien	$461,723	$434,493 96c	SOFR+463 bp	Mar 27, 2028
G••••• W••• P••••••••	term loan first lien	$450,000	$432,000 97c	SOFR+525 bp	Dec 1, 2027
H••••• S••••• E••••• S•••••••••	equity equity	$25,000	$430,201 215c
P••••••	term loan first lien	$412,274	$409,182 101c	SOFR+525 bp	Jan 19, 2031
T••• S•••••••	term loan second lien	$410,000	$407,950 100c	SOFR+900 bp	Dec 18, 2028
I••••••••• E••••• S•••••••••	equity equity	$387	$404,065 104c
P••••••	term loan first lien	$482,675	$386,140 80c	SOFR+675 bp	Dec 2, 2024
E••••• a•• T••••••••• E•••••••	revolver first lien	$376,258	$376,258 104c	SOFR+650 bp	May 29, 2029
R•• • M••••••	term loan first lien	$377,041	$364,787 97c	SOFR+475 bp	Feb 6, 2026
V•••••• E••••• S••••••••• L•	equity equity	$190	$364,574 192c
I••••••••• S••••••• G••••	revolver first lien	$363,810	$363,810 105c	SOFR+575 bp	Dec 7, 2028
V••••••••	revolver first lien	$371,077	$352,523 98c	SOFR+575 bp	Dec 22, 2025
S•• F•••	term loan first lien	$348,750	$349,587 103c	SOFR+350 bp	Apr 5, 2029
G••••• S•••••	revolver first lien	$347,418	$347,418 103c	SOFR+550 bp	May 12, 2028
i•••••••••	term loan first lien	$334,092	$330,751 99c	SOFR+525 bp	May 25, 2028
W•••••• D•••••	term loan first lien	$505,508	$328,580 82c	SOFR+100 bp PIK 6.25%	Aug 18, 2028
N•• S••••••• E••••• S•••••••••	equity equity	$279	$318,694 114c
O••••••••• E••••• S•••••••••	equity equity	$24,245	$315,118 130c
O•• B•••••• S•••••••	term loan first lien	$312,562	$310,999 99c	SOFR+625 bp	Nov 30, 2028
R•• • M••••••	term loan first lien	$321,058	$310,624 97c	SOFR+475 bp	Feb 6, 2026
M•••• • A•••••••• E••••• S•••••••••	equity equity	$217	$310,620 143c
U••	term loan first lien	$315,938	$310,409 99c	SOFR+425 bp	Aug 19, 2028
A••••••• B••••• A••••••• E••••• S•••••••••	equity equity	$16,071	$273,207
C••••• B••••••• E••••• S•••••••••	equity equity	$129,870	$269,941 208c
I••••••	term loan first lien	$258,377	$258,377 100c	SOFR+1225 bp	Oct 30, 2024
A••••• E••••• S•••••••••	equity equity	$23,810	$248,450 104c
P•••• P•••••••• L• I•••••••	equity equity	$238,095	$234,972 99c
A••••••• E••••••••• G••••	revolver first lien	$331,126	$231,007 71c	SOFR+0 bp	Dec 30, 2027
O•• B•••••• S•••••••	term loan first lien	$219,341	$218,244 104c	SOFR+800 bp	May 30, 2028
C•••••••••	term loan first lien	$216,543	$214,919 99c	SOFR+700 bp	Jun 13, 2029
G••••• S•••••• E••••• S•••••••••	equity equity	$117,371	$211,523 180c
E••••• • T••••••••• E•••••••• E••••• S•••••••••	equity equity	$211,268	$205,340 97c
S•••• M•••••••••	term loan first lien	$199,000	$198,503 101c	SOFR+450 bp	Apr 17, 2028
D•••••••• E••••••••	revolver first lien	$230,769	$196,154 87c	SOFR+575 bp	Apr 9, 2029
M••••••••• E••••• S•••••••••	equity equity	$147,000	$191,266 130c
G•• S•••••• E••••• S•••••••••	equity equity	$272	$141,644 52c
V••••••••• E••••• S•••••••••	equity equity	$1,651	$140,579 85c
M••••••••	term loan first lien	$136,841	$136,841 106c	SOFR+525 bp	Oct 4, 2028
W••••••••	revolver first lien	$137,500	$136,469 108c	SOFR+650 bp	Feb 15, 2029
C••••••••• E••••• S•••••••••	equity equity	$3,522	$131,151 63c
B••••	revolver first lien	$132,619	$129,966 103c	SOFR+450 bp	Jul 1, 2027
I•••••••• E••••• S•••••••••	equity equity	$2,484	$127,733 51c
A•••••••••	term loan first lien	$119,820	$116,525 100c	SOFR+550 bp	Jun 20, 2028
L•••••• G••••• E••••• S••••••••• S••••• A•	preferred equity equity	$113,636	$116,033 102c
T••• H••••••	revolver first lien	$104,615	$104,092 102c	SOFR+575 bp	Mar 31, 2028
U••••• A•• T•••	equity equity	$110,947	$102,621 92c
I•• R••••• E••••• S•••••••••	equity equity	$100	$101,061 101c
W•••••• D•••••	term loan first lien	$93,501	$93,501 106c	SOFR+650 bp	May 18, 2028
B•••• P••••• G••••	revolver first lien	$85,658	$83,516 111c	SOFR+600 bp	Jul 29, 2028
L•••••• G••••	revolver first lien	$79,545	$79,545 106c	SOFR+575 bp	Dec 15, 2028
A••••	revolver first lien	$79,898	$79,299 100c	SOFR+475 bp	Aug 1, 2031
B•••••••	revolver first lien	$77,860	$77,471 101c	SOFR+600 bp	Oct 31, 2025
V••	delayed draw term loan first lien	$76,923	$76,923 104c	SOFR+500 bp	Mar 12, 2027
H•••••••• C•••••••• U••••	unstated lien unstated	$889	$74,974 84c
K••••	revolver first lien	$75,202	$74,826 103c	SOFR+425 bp	Nov 15, 2029
V•••••	revolver first lien	$72,783	$72,783 190c	SOFR+500 bp	Sep 4, 2029
R••••••••	revolver first lien	$102,740	$72,174 70c	SOFR+575 bp	Jul 21, 2028
A••• S•••••• P•••••••	revolver first lien	$70,142	$69,791 102c	SOFR+500 bp	Oct 24, 2029
A•• T•••••••••	term loan first lien	$91,969	$68,057 75c	SOFR+100 bp PIK 6.00%	Mar 25, 2027
E••• I••••••••	revolver first lien	$57,139	$56,711 100c	SOFR+450 bp	Sep 29, 2028
I•• R••••	revolver first lien	$55,219	$54,391 105c	SOFR+475 bp	Apr 21, 2028
V••• E••••• S•••••••••	equity equity	$16,958	$50,690 72c
F•• T•••••••••	revolver first lien	$44,444	$43,000 99c	SOFR+525 bp	Dec 17, 2027
H••••••••	revolver first lien	$39,655	$39,209 110c	SOFR+525 bp	Dec 12, 2029

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2015 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-348682reported