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 Jun 30, 2026

659 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E••• I••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Sep 29, 2028
T••• H••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+575 bp	Mar 31, 2028
L•••• S•••••• G•••• H•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Feb 2, 2033
C•••••• C••••••••• M•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Aug 2, 2032
H••••• S••••	revolver first lien	Not disclosed	Not disclosed	SOFR+475 bp	May 18, 2029
K••• C••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+525 bp	Apr 30, 2029
M•••••• E•• S•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	Aug 20, 2027
P•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Mar 31, 2033
R••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+250 bp	Jul 21, 2028
A•••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	Aug 11, 2031
I••••••••• S••••••• G••••	revolver first lien	Not disclosed	Not disclosed	SOFR+575 bp	Dec 7, 2028
A•• H•••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	Aug 2, 2032
E••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Nov 5, 2031
A••••••• E••••••••• G••••	revolver first lien	Not disclosed	Not disclosed	SOFR+0 bp	Dec 30, 2028
S••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Mar 10, 2032
U•• W••••	revolver first lien	Not disclosed	Not disclosed	SOFR+475 bp	May 29, 2031
V••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Nov 25, 2032
M••••• W•••••	revolver first lien	Not disclosed	Not disclosed	SOFR+525 bp	Aug 29, 2032
S•••••• P•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+500 bp	Oct 14, 2028
E•••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Sep 2, 2032
R•••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+425 bp	May 24, 2032
T•••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+575 bp	Oct 29, 2032
N•• S•••••• 2•••••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	Nov 1, 2028
T••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	Jan 5, 2032
S••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+475 bp	Mar 10, 2032
M•• D•••••	revolver first lien	Not disclosed	Not disclosed	SOFR+550 bp	Feb 13, 2031
S•• E••••••••• S••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	May 2, 2029
R•••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+425 bp	May 24, 2032
K•••• E••••••••• S••••••s	revolver first lien	Not disclosed	Not disclosed	SOFR+525 bp	Oct 29, 2027
A•• H•••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Sep 30, 2031
M••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+475 bp	Dec 2, 2031
K•••• H•••••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	Nov 5, 2032
S••••••••• D•••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	Nov 1, 2028
I••••••••• E••••••• M•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Dec 3, 2031
L•••••• P••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Dec 16, 2032
F•••••• • D•••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	May 3, 2032
I••••••••• 8•••• I••••••••• T••• S••••• S•••••• D•••••• D•••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+450 bp	Dec 13, 2032
I••••••••• P••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+625 bp	Jul 19, 2028
A••••••• E••••••••• G••••	revolver first lien	Not disclosed	Not disclosed	SOFR+0 bp	Dec 30, 2028
C•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+550 bp	Aug 30, 2030
C••••• B••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+475 bp	Jun 30, 2030
B•••• • R•••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	Oct 3, 2030
M•••• • A•••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+525 bp	May 3, 2029
L•••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	Jan 13, 2030
O•••••• I•	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	May 18, 2033
D•••••••• E••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+575 bp	Apr 9, 2029
O•••••• I•	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Mar 31, 2031
A••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Mar 1, 2032
D••••• W•••• S••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+550 bp	Nov 19, 2032
I•••••• G•••••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	Sep 22, 2028
M•••• M••••••• S••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Dec 14, 2027
M••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Dec 2, 2031
O• E•••••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	Aug 5, 2032
R• F• F••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+500 bp	Mar 4, 2030
T••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+425 bp	Aug 6, 2031
T••••••	revolver first lien	Not disclosed	Not disclosed	SOFR+425 bp	Aug 6, 2031
A••••• E•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Oct 15, 2032
R••••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Feb 27, 2031
A••••••• E••••••••• G••••	revolver first lien	Not disclosed	Not disclosed	SOFR+450 bp	May 2, 2031

Page 7 of 7Previous

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

Capital chain

A•••• C••••• B•• I••• sits on 109 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

3,285 field-level changes across filed schedules, latest first

Spread widenedA•• · 4.50% to 5.50%
2026-06-30
Spread widenedS•• G••••• · 1.00% to 8.00%
2026-06-30
Position exitedM••••• E••••••••• G••••• I•• · from $1.7M
2026-06-30
New positionC••••••••• · at $0
2026-06-30
Position exitedC•••••• C•••• · from $1.5M
2026-06-30
Position exitedC••••• P•••••••• L•• · from $4.5M
2026-06-30
PIK addedT••••••••• · 1.50%
2026-06-30
New positionA••••• · at $500,000
2026-06-30
New positionM••••• W•••••
2026-06-30
Spread tightenedT••••••••• · 6.00% to 5.50%
2026-06-30

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.