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 Jun 30, 2024

558 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S•••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$5,429 6541c	S+500 bp	Jul 30, 2027
R•••••• F••••• C••• N••••••• I••• H•••••••••	revolver first lien	$0	-$5,887 124c	S+550 bp	Jun 18, 2026
N••• H•••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$5,952 37c	S+600 bp	Nov 12, 2030
P••••••• T•••••••• C••••••• I••• H•••••••••	revolver first lien	$0	-$6,151 155c	S+550 bp	Jan 4, 2027
C••••• S•••••••• A••••••••• I••• H•••••••••	delayed draw term loan first lien	$0	-$6,245 41c	S+575 bp	May 11, 2028
M••••••• P••••••••• L•• H•••••••••	revolver first lien	$0	-$8,505 177c	S+500 bp	Oct 22, 2026
A•• A••••••••• L••• H•••••••••	revolver first lien	$0	-$9,140 70c	S+550 bp	Feb 18, 2027
D••••• B•••• L•• S••••••• & T••• Services	revolver first lien	$0	-$9,312 107c	S+225 bp	Feb 6, 2030
V••••• P••••••••• L••• S••••••• & T••• Services	revolver first lien	$0	-$9,334 100c	S+675 bp	Jun 11, 2029
L•••• H•• B•••• I•• H•••••••••	delayed draw term loan first lien	$0	-$9,420 22c	S+625 bp	Jan 21, 2030
A•• T••••• L•• H•••••••••	revolver first lien	$0	-$9,841 106c	S+550 bp	Dec 22, 2027
V•••••• B••••• L••	delayed draw term loan first lien	$0	-$10,088 106c	S+525 bp	Mar 1, 2030
M•••••••• H•••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$10,322 89c	S+450 bp	Dec 23, 2026
F••••• R••• M••••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$10,501 76c	S+350 bp	May 22, 2029
S••••••• I••• S••••••• & T••• Services	revolver first lien	$0	-$10,671 100c	S+400 bp PIK 3.50%	Dec 22, 2027
G• T••••••• S•• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$11,434 119c	S+600 bp	Jun 29, 2029
F•••••••• O••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$12,610 170c	S+700 bp	Nov 27, 2029
D••••• R•••••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$12,610 100c	S+100 bp	Jun 26, 2030
D••••• R•••••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$12,610 100c	S+100 bp	Jun 26, 2030
R••• F•••• L••	revolver first lien	$0	-$13,720 105c	S+700 bp	Jan 10, 2028
K••••••• B••••••• L••	delayed draw term loan first lien	$0	-$13,732 100c	S+525 bp	Jun 18, 2031
G•• B••••• I••• H•••••••••	revolver first lien	$0	-$14,266 221c	S+550 bp	Jun 24, 2026
G• T••••••• S•• L•• S••••••• & T••• Services	revolver first lien	$0	-$16,008 104c	S+600 bp	Jun 29, 2029
C•••••••• B•••• C••• A••••••••• I••• H•••••••••	delayed draw term loan first lien	$0	-$16,551 54c	S+550 bp	Sep 16, 2027
A•••••• I••••••••• H•••••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$17,066 104c	S+650 bp	Mar 19, 2031
A•••••• B••••• I•• S••••••• & T••• Services	revolver first lien	$0	-$17,519 84c	S+550 bp	May 8, 2028
V•••••••• B•••• L••	revolver first lien	$0	-$17,668 87c	S+525 bp	Mar 21, 2030
G• T••••••• S•• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$18,294 119c	S+600 bp	Jun 29, 2029
D••••• B•••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$18,623 107c	S+225 bp PIK 3.25%	Feb 6, 2030
S••••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$20,612 263c	S+500 bp	Jun 12, 2028
M•• G••••• H•••••••••	delayed draw term loan first lien	$0	-$21,207 91c	S+550 bp	Apr 9, 2029
K••••••• B••••••• L••	revolver first lien	$0	-$21,971 100c	S+525 bp	Jun 18, 2031
S•••••• N•••••••	revolver first lien	$0	-$22,277 191c	S+550 bp	Dec 15, 2027
L•••• H•• B•••• I•• H•••••••••	revolver first lien	$0	-$28,259 65c	S+625 bp	Jan 21, 2030
G• P••••• H••••••• I•••	delayed draw term loan first lien	$0	-$30,713 100c	S+550 bp	May 4, 2027
C••• H•••••••• L••	revolver first lien	$0	-$31,039 105c	S+400 bp PIK 4.75%	Mar 27, 2029
S•••• L•••• I••• S••••••• & T••• Services	revolver first lien	$0	-$32,046 235c	S+550 bp	Aug 16, 2027
N••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$35,629 260c	S+600 bp	Mar 17, 2027
S•••••• P•••••• L•• S••••••• & T••• Services	revolver first lien	$0	-$41,720 95c	S+650 bp	May 13, 2030
F•••••••• O••••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	$0	-$50,441 170c	S+700 bp	Nov 27, 2029
P••••••••• H••••••• C•••• H•••••••••	delayed draw term loan first lien	$0	-$60,306 100c	S+500 bp	Jun 20, 2030
V•••••••• B•••• L••	delayed draw term loan first lien	$0	-$70,671 173c	S+525 bp	Mar 21, 2031
S••••• D•••••• I•••	revolver first lien	$0	-$85,310 7550c	S+425 bp PIK 3.00%	Jun 19, 2026
S••••••••• I••• S••••••• & T••• Services	revolver first lien	$34,660	-$219,166 -1250c	S+700 bp	Apr 5, 2028
A•••••• L•• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed	S+575 bp	Oct 18, 2029
A•••• S••••••• H•••••••• L•• S••••••• & T••• Services	term loan first lien	Not disclosed	Not disclosed	S+625 bp	May 4, 2027
A•••• S••••••• H•••••••• L•• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed	S+625 bp	May 4, 2027
A•• U• H•••••••• I••• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed	S+525 bp	Apr 1, 2025
A•••• S••••••• H••••••• S••••••• & T••• Services	term loan first lien	Not disclosed	Not disclosed	S+625 bp	May 4, 2027
A•••••• B••••• I•• S••••••• & T••• Services	term loan first lien	Not disclosed	Not disclosed	S+550 bp	May 8, 2028
A•••••• B••••• I•• S••••••• & T••• Services	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	May 8, 2028
A••••••• I••• S••••••• & T••• Services	term loan first lien	Not disclosed	Not disclosed	S+725 bp	Oct 19, 2028
S••• a•• P••••••• L•••• H••••••• L•• B••••••• Services	term loan first lien	Not disclosed	Not disclosed	S+550 bp	Sep 15, 2028
A•• U• H•••••••• I••• S••••••• & T••• Services	term loan first lien	Not disclosed	Not disclosed	S+525 bp	Apr 1, 2025
A••••••• I••• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed	S+725 bp	Oct 19, 2028
A•••• S••••••• H•••••••• L•• S••••••• & T••• Services	delayed draw term loan first lien	Not disclosed	Not disclosed	S+625 bp	May 4, 2027
A•••••• B••••• I•• S••••••• & T••• Services	revolver first lien	Not disclosed	Not disclosed	S+550 bp	May 8, 2028
A•••••• L•• S••••••• & T••• Services	term loan first lien	Not disclosed	Not disclosed	S+575 bp	Oct 18, 2030

Page 6 of 6Previous

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