DFX Intelligence

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A• P•••••• C••••• I•••••••• C•••

Business development companymanaged by A• P•••••• C••••• I•••••••• L••Non-traded· AUSTIN, TX

A non-traded business development company, managed by A• P•••••• C••••• I•••••••• L••, holding $1.9B across 216 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: $1.9B
Borrowers: 216
Mark on cost: 97.3¢
First lien: 97%

Schedule of investments (593)Quarter by quarter Sponsors

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

What matters now

$10.4M
on non-accrual, 2 borrowers
2 borrowers on non-accrual, $10.4M principal; the largest is S•••••••• C••• H•••••••• L•• ($6.57M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen S•••••••• C••• H•••••••• L•• →
$6.57M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $6.57M principal: S•••••••• C••• H•••••••• L•• ($6.57M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open S•••••••• C••• H•••••••• L•• →
38 below 80¢
$65.3M principal
38 positions across 21 borrowers marked below 80¢ on cost, $65.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
38 → 66
loans paying in kind
Loans paying in kind rose from 38 to 66 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 1634452 · file 814-01196Show

Fair value

$1.9B

as of Jun 30, 2026

Principal held

$2.0B

debt pieces, the filer's figure

Cost

$2.0B

97c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

593

216 borrowers

First lien

97%

97% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

476

34 sponsors financed

Portfolio through time

Fair value by quarter end$1.9B as of Jun 30, 2026

Dec 31, 2022$6.7B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.9B	216	97c	66	505 bp
Mar 31, 2026	$1.9B	213	98c	38	511 bp
Dec 31, 2025	$3.8B	213	99c	78	514 bp
Sep 30, 2025	$1.8B	210	99c	41	513 bp

All 13 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.7B	209	99c	43	521 bp
Mar 31, 2025	$6.9B	209	99c	45	526 bp
Dec 31, 2024	$8.7B	207	99c	71	542 bp
Sep 30, 2024	$6.4B	201	99c	60	537 bp
Jun 30, 2024	$4.6B	195	99c	59	557 bp
Mar 31, 2024	$4.3B	195	99c	57	570 bp
Dec 31, 2023	$13B	189	98c	124	565 bp
Sep 30, 2023	$3.8B	183	98c	65	563 bp
Dec 31, 2022	$6.7B	184	98c	70	562 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S••••••• G•••• H•••••••• I•• first lien term loan
8 BDCs hold it · matures Jul 2, 2029 · possible sponsor W•••••• P••••• L••
$28.6M 100c
G••••••••• S•••••••• I•• first lien term loan
4 BDCs hold it · matures Sep 1, 2028
$26.9M 99c
D••••••• I•• first lien term loan
2 BDCs hold it · matures Mar 11, 2030
$25.2M 100c
T•••••• I• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Aug 31, 2029
$25.0M 100c
V•••• P••••••••• L•• first lien term loan
13 BDCs hold it · matures May 24, 2028 · possible sponsor G•• E••••• H•••••••• L••
$23.3M 100c
S•••••• P•••••• L•• first lien term loan
6 BDCs hold it · matures Oct 16, 2031
$21.3M 94c
R•• T•• I••••••••• H•••••••• I•• first lien term loan
3 BDCs hold it · matures May 30, 2031
$20.8M 100c
G••••••••• I••••••••• I•• I•• first lien delayed draw term loan
2 BDCs hold it · matures Jun 1, 2029
$20.7M 101c
S••••••• I•• first lien term loan
1 BDC hold it · matures Feb 18, 2030
$20.5M 101c
P••••••••• H••••••• C••• first lien term loan
2 BDCs hold it · matures Jun 21, 2030
$20.2M 101c
S••• P••••••••• I•• first lien term loan
9 BDCs hold it · matures Nov 12, 2031
$19.9M 98c
L••••••••• S•••••• L•••••• first lien term loan
2 BDCs hold it · matures Dec 23, 2030
$19.5M 101c

Schedule of investments at Dec 31, 2022

876 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
F••••• R••• M••••••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$29,850 164c	S+650 bp	Aug 30, 2028
R••••• B••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$29,981 152c	S+550 bp	Nov 18, 2027
R••••• B•••• I••• S••••••• & T••• Services	revolver first lien	$0	-$29,981 152c	S+550 bp	Nov 18, 2027
P••• I••••••• C••••••••• S••••••• & T••• Services	revolver first lien	$0	-$30,084 103c	S+700 bp	Oct 17, 2028
P••• I••••••• C••••••••• S••••••• & T••• Services	revolver first lien	$0	-$30,084 103c	S+700 bp	Oct 17, 2028
P••••••• O••••••• M•••• 2••••	delayed draw term loan first lien	$0	-$30,472 138c	S+550 bp	Jul 17, 2028
G••••••••• S•••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$30,806 158c	S+700 bp	Sep 1, 2028
G••••••••• S••••••••• S••••••• & T••• Services	revolver first lien	$0	-$30,806 158c	S+700 bp	Sep 1, 2028
M•••••••• H•••••••••	revolver first lien	$0	-$30,965 168c	S+600 bp	Dec 23, 2026
M•••••••• H•••••••• L••	revolver first lien	$0	-$30,965 168c	S+600 bp	Dec 23, 2026
A•• T••••• L••	revolver first lien	$0	-$31,491 240c	S+550 bp	Dec 22, 2027
A•• T••••• L••	revolver first lien	$0	-$31,491 240c	S+550 bp	Dec 22, 2027
S•••• L•••• I••• S••••••• & T••• Services	revolver first lien	$0	-$32,046 161c	S+550 bp	Aug 16, 2027
S•••• L••• I••• S••••••• & T••• Services	revolver first lien	$0	-$32,046 161c	S+550 bp	Aug 16, 2027
C•••••• L•• B••••••• Services	revolver first lien	$0	-$33,234 170c	S+575 bp	Apr 1, 2027
C••••• L•• B••••••• Services	revolver first lien	$0	-$33,234 170c	S+575 bp	Apr 1, 2027
Z•••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$33,335 102c	S+650 bp	Nov 22, 2028
Z••••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$33,335 102c	S+650 bp	Nov 22, 2028
F••••• H•••••• C••• S••••••• & T••• Services	revolver first lien	$0	-$34,480 118c	S+625 bp	Sep 15, 2027
F••••• H•••••• C••• S••••••• & T••• Services	revolver first lien	$0	-$34,480 118c	S+625 bp	Sep 15, 2027
C•••••••• B•••• C••• A••••••••• I••	revolver first lien	$0	-$34,553 253c	S+525 bp	Sep 16, 2027
C•••••••• B•••• C••• A••••••••• I•••	revolver first lien	$0	-$34,553 253c	S+525 bp	Sep 16, 2027
D••••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	Not disclosed	-$34,785 858c	S+550 bp PIK 1.00%	May 29, 2026
D••••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$34,785 858c	S+550 bp PIK 1.00%	May 29, 2026
V••••• A•• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$34,914 186c	S+575 bp	Mar 18, 2026
V••••• A• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$34,914 186c	S+575 bp	Mar 18, 2026
S•••• L•••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$35,512 162c	S+550 bp PIK 0.50%	Aug 16, 2027
S•••• L••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$35,512 162c	S+550 bp PIK 0.50%	Aug 16, 2027
G•••••• R•••••• A••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$35,685 135c	S+400 bp PIK 6.00%	Sep 16, 2028
G••••••••• A••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$35,685 135c	S+400 bp PIK 6.00%	Sep 16, 2028
V•••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$36,158 194c	S+200 bp PIK 5.00%	Dec 28, 2027
V•••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$36,158 194c	S+200 bp PIK 1.00%	Dec 28, 2027
V•••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$37,549 269c	S+200 bp PIK 1.00%	Dec 28, 2027
V•••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$37,549 269c	S+200 bp PIK 5.00%	Dec 28, 2027
S•• P••••••••• I••	revolver first lien	Not disclosed	-$37,893 292c	S+600 bp	Oct 15, 2026
S•• P•••••••• I••	revolver first lien	Not disclosed	-$37,893 292c	S+600 bp	Oct 15, 2026
U•••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$37,904 101c	S+625 bp	Dec 8, 2028
U••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$37,904 101c	S+625 bp	Dec 8, 2028
S•••• D•• L••	revolver first lien	Not disclosed	-$38,702 295c	S+625 bp	Apr 20, 2026
S•••• D•• L••	revolver first lien	Not disclosed	-$38,702 295c	S+625 bp	Apr 20, 2026
M•• H•••••••• I•••	revolver first lien	$0	-$38,967 277c	S+575 bp	Apr 16, 2027
M•• H•••••••• I••	revolver first lien	$0	-$38,967 277c	S+575 bp	Apr 16, 2027
S••••••• G•••• H•••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$39,020 181c	S+625 bp	Jul 2, 2027
S••••••• G•••• H••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$39,020 181c	S+625 bp	Jul 2, 2027
G•• B••••• I•••	revolver first lien	$0	-$40,421 838c	S+450 bp	Jun 24, 2026
G•• B•••• I••	revolver first lien	$0	-$40,421 838c	S+450 bp PIK 3.75%	Jun 24, 2026
A•••••• S••••••••• I••	delayed draw term loan first lien	$0	-$40,796 147c	S+450 bp	Mar 31, 2027
A•••••• S•••••••• I•••	delayed draw term loan first lien	$0	-$40,796 147c	S+450 bp	Mar 31, 2027
G••••••••• I••••••••• I•• I•••	delayed draw term loan first lien	$0	-$50,266 75c	S+550 bp	Jun 1, 2028
G••••••••• I••••••••• I•• I••	delayed draw term loan first lien	$0	-$50,266 75c	S+550 bp	Jun 1, 2028
S••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$53,003 247c	S+525 bp	Jun 12, 2028
S•••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$53,003 247c	S+525 bp	Jun 12, 2028
C••••• S•••••••• A••••••••• I••	delayed draw term loan first lien	$0	-$62,111 412c	S+550 bp	May 11, 2028
C••••• S•••••••• A••••••••• I••	delayed draw term loan first lien	$0	-$62,111 412c	S+550 bp	May 11, 2028
S••••• D•••••• I•••	revolver first lien	$0	-$63,463 7730c	S+600 bp PIK 0.50%	Dec 21, 2023
S••••• D•••••• I•••	revolver first lien	$0	-$63,463 7730c	S+600 bp PIK 0.50%	Dec 21, 2023
B•••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	Not disclosed	-$68,655 404c	S+625 bp	Sep 8, 2027
B••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	Not disclosed	-$68,655 404c	S+625 bp	Sep 8, 2027
S••••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$69,225 292c	S+650 bp	Apr 5, 2028
S•••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$69,225 292c	S+650 bp	Apr 5, 2028
T•• F••• A••••••••• C•••	delayed draw term loan first lien	$0	-$84,488 957c	S+600 bp	Dec 25, 2027
T•• F••• A••••••••• C•••	delayed draw term loan first lien	$0	-$84,488 957c	S+600 bp	Dec 25, 2027
C•••••••• B•••• C••• A••••••••• I•••	delayed draw term loan first lien	$0	-$87,363 158c	S+575 bp	Sep 16, 2027
C•••••••• B•••• C••• A••••••••• I••	delayed draw term loan first lien	$0	-$87,363 158c	S+575 bp	Sep 16, 2027
S••••• S•••••• L••	delayed draw term loan first lien	$0	-$121,707 597c	S+550 bp	Oct 29, 2028
S••••• S•••••• L••	delayed draw term loan first lien	$0	-$121,707 597c	S+550 bp	Oct 29, 2028
S••••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$152,450 100c	S+700 bp	Dec 22, 2027
S•••••• I••• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$152,450 100c	S+700 bp	Dec 22, 2027
D••••••• V••••• M••••••••• H•••••••• I••••	delayed draw term loan first lien	$65,913	-$178,955 -307c	S+625 bp	Mar 21, 2024
D••••••• V••••• M••••••••• H••••••• I••	delayed draw term loan first lien	$65,913	-$178,955 -307c	S+625 bp	Mar 21, 2024
W••• D•••••••••	revolver first lien	Not disclosed	-$186,588 825c	S+575 bp	Mar 17, 2028
W••• D•••••••••	revolver first lien	Not disclosed	-$186,588 825c	S+575 bp	Mar 17, 2028
W••• D•••••••••	delayed draw term loan first lien	Not disclosed	-$522,447 1540c	S+575 bp	Mar 17, 2028
W••• D•••••••••	delayed draw term loan first lien	Not disclosed	-$522,447 1540c	S+575 bp	Mar 17, 2028
A•• U• H•••••••• I••• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 1, 2024
A•• U• H••••••• I••• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 1, 2024

Page 9 of 9Previous

Registration

Fiscal year end: 1231reported
Incorporated: NYreported
On the SEC BDC report: 2018 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: AB Private Credit Corpreported
Latest schedule: 0001193125-26-352137reported