DFX Intelligence
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R••••• G••••• F•••••• C••••
Business development companymanaged by R••••• G••••• C•••••• L••Listed: RWAY, RWAYI, RWAYL· CHICAGO, IL
A business development company traded as RWAY, RWAYI, RWAYL, managed by R••••• G••••• C•••••• L••, holding $1.2B across 81 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.2B
- Borrowers
- 81
- Mark on cost
- 99.6¢
- First lien
- 89%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $81.4Mon non-accrual, 1 borrower
1 borrower on non-accrual, $81.4M principal; the largest is M••••• S•••• S• ($81.4M).
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 M••••• S•••• S• → - 93.3¢ → 99.6¢book mark on cost
Marked its book up from 93.3¢ to 99.6¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
- 2 below 80¢$53.5M principal
2 positions across 2 borrowers marked below 80¢ on cost, $53.5M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 56 → 81borrowers
Added a net 25 borrowers in the quarter to Jun 30, 2026, to 81.
Q2 2026 · The book is turning over faster than usual.
- 5 → 9loans paying in kind
Loans paying in kind rose from 5 to 9 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.
Every headline figure, and the identifiersCIK 1653384 · file 814-01180ShowHide
Fair value
$1.2B
as of Jun 30, 2026
Principal held
$1.2B
debt pieces, the filer's figure
Cost
$1.2B
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
160
81 borrowers
First lien
89%
93% debt by fair value
Quarters on the tape
16
since Dec 31, 2021
Facilities held
126
10 sponsors financed
Portfolio through time
Fair value by quarter end$1.2B as of Jun 30, 2026
Dec 31, 2021$146M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.2B | 81 | 100c | 9 | 704 bp |
| Mar 31, 2026 | $899M | 56 | 93c | 5 | 707 bp |
| Dec 31, 2025 | $1.0B | 58 | 97c | 7 | 718 bp |
| Sep 30, 2025 | $960M | 55 | 98c | 6 | 693 bp |
All 16 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $89B | 55 | 101c | 8 | 693 bp |
| Mar 31, 2025 | $5.0B | 54 | 98c | 10 | 669 bp |
| Dec 31, 2024 | $5.8B | 59 | 98c | 10 | 671 bp |
| Sep 30, 2024 | $4.4B | 59 | 98c | 9 | 678 bp |
| Jun 30, 2024 | $4.4B | 56 | 98c | 9 | 662 bp |
| Mar 31, 2024 | $4.2B | 55 | 98c | 8 | 677 bp |
| Dec 31, 2023 | $6.2B | 62 | 99c | 15 | 673 bp |
| Sep 30, 2023 | $4.1B | 61 | 98c | 12 | 706 bp |
| Jun 30, 2023 | $4.4B | 59 | 99c | 12 | 731 bp |
| Mar 31, 2023 | $159B | 62 | 92c | 15 | 772 bp |
| Dec 31, 2022 | $9.1B | 67 | 99c | 37 | 769 bp |
| Dec 31, 2021 | $146M | 3 | n/a | 0 | 1150 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Largest facilities held, with co-lenders
- 3•• C•••••• L•• first lien term loan1 BDC hold it · matures Sep 30, 2026$72.3M 92c
- M••••• S•••• S• unsecured or subordinated subordinated debt1 BDC hold it · matures Dec 31, 2030$63.8M 81c
- S•••••• I•• first lien term loan1 BDC hold it · matures Sep 30, 2028$54.6M 101c
- A•••••• G••••• I•• first lien term loan1 BDC hold it · matures Jun 15, 2028$51.4M 101c
- U•••• T••••••••• I•• first lien term loan1 BDC hold it · matures May 8, 2031$51.0M 63c
- K•• I••••••••• I•• first lien term loan1 BDC hold it · matures Aug 13, 2029$45.0M 101c
- P•••• S•••••••• I•• first lien term loan1 BDC hold it · matures Dec 31, 2029$43.0M 101c
- B••••• I•• first lien term loan1 BDC hold it · matures Dec 15, 2029$40.0M 103c
- E•• S••••••• I•• first lien term loan1 BDC hold it · matures Jun 15, 2027 · possible sponsor B••••• W••• C••••••• L••$40.0M 101c
- M•••••• R•••• I•• first lien term loan1 BDC hold it · matures Aug 29, 2029$40.0M 100c
- Z••••• C•••••••• H•••••••• L•• first lien term loan2 BDCs hold it · matures Sep 21, 2029$40.0M 100c
- E•••••• S•••••••• I•• first lien term loan1 BDC hold it · matures Jul 10, 2027 · possible sponsor C•••••• G••••• C••••••• L••$39.0M 102c
Schedule of investments at Jun 30, 2025
115 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M••••• H••••••••• S••••••••• I••• H••••• C••• E•••••••• & Services | preferred equity equity | Not disclosed | Not disclosed n/a | Aug 15, 2028 | |
| A••••••• T••••••••• I••• H••••• C••• E•••••••• & Services | warrants equity | Not disclosed | Not disclosed n/a | Sep 15, 2032 | |
| G••••••••• I••• | preferred equity equity | Not disclosed | Not disclosed | ||
| G••••••••• I••• | warrants equity | Not disclosed | Not disclosed | ||
| A••••••• I•• I••• C••••••••• & P••••••••• Services | warrants equity | Not disclosed | Not disclosed n/a | Aug 31, 2027 | |
| R•••••••• I••• T••••••••• H••••••• & E•••••••• | warrants equity | Not disclosed | Not disclosed n/a | Dec 28, 2028 | |
| A••••••• T••••••••• I••• H••••• C••• E•••••••• & Services | warrants equity | Not disclosed | Not disclosed | Aug 1, 2028 | |
| A••••••• T••••••••• I••• H••••• C••• E•••••••• & Services | warrants equity | Not disclosed | Not disclosed n/a | Mar 30, 2031 | |
| J••••• H•••••••• I••• ••• S•••••••• I•••• C••••••••• & P••••••••• Services | preferred equity equity | Not disclosed | Not disclosed | ||
| 3••• C•••• ••• N••••••••• A••••••••• S••••••• | preferred equity equity | Not disclosed | Not disclosed n/a | Dec 28, 2028 | |
| C••••••••• C••••••••• Systems S••••••• | preferred equity equity | Not disclosed | Not disclosed n/a | Oct 31, 2029 | |
| A••••••• T••••••••• I••• H••••• C••• E•••••••• & Services | warrants equity | Not disclosed | Not disclosed n/a | Mar 30, 2031 | |
| J••••• H•••••••• I••• ••• S•••••••• I•••• C••••••••• & P••••••••• Services | preferred equity equity | Not disclosed | Not disclosed n/a | Sep 29, 2031 | |
| C••••••• C••• A••••••••• S••••••• | warrants equity | Not disclosed | Not disclosed | Mar 9, 2030 | |
| S•••• C••••••••• I••• Systems S••••••• | warrants equity | Not disclosed | Not disclosed n/a | Mar 29, 2029 |
Page 2 of 2Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2018 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- R••••• Growth Credit Fund Inc.; GSV Growth Credit Fund Inc.reported
- Latest schedule
- 0001193125-26-337968reported