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A business development company

Business development companyNon-traded· CHICAGO, IL

A non-traded business development company, holding $6.0B across 291 borrowers at Jun 30, 2026.

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

Fair value
$6.0B
Borrowers
291
Mark on cost
97.8¢
First lien
86%
Schedule of investments (1,343)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $183M
    on non-accrual, 11 borrowers

    11 borrowers on non-accrual, $183M principal; the largest is First Brands Group, LLC ($74.6M).

    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 First Brands Group, LLC →
  2. 38 below 80¢
    $239M principal

    38 positions across 18 borrowers marked below 80¢ on cost, $239M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  3. 113 → 131
    loans paying in kind

    Loans paying in kind rose from 113 to 131 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 1742313 · file 814-01301Show
Fair value
$6.0B
as of Jun 30, 2026
Principal held
$6.6B
debt pieces, the filer's figure
Cost
$6.0B
98c on cost, debt pieces
Unfunded
$948M
commitments not yet drawn
Positions
1,343
291 borrowers
First lien
86%
92% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
714
13 sponsors financed
Portfolio through time
Fair value by quarter end$6.0B as of Jun 30, 2026
Dec 31, 2021$21.6M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$6.0B29198c131586 bp
Mar 31, 2026$5.8B28698c113577 bp
Dec 31, 2025$5.9B29398c113584 bp
Sep 30, 2025$5.4B28199c101592 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$5.1B265100c97601 bp
Mar 31, 2025$4.5B250100c98613 bp
Dec 31, 2024$8.0B246100c214623 bp
Sep 30, 2024$3.7B222100c85641 bp
Jun 30, 2024$3.4B218100c75653 bp
Mar 31, 2024$2.8B214101c65652 bp
Dec 31, 2023$6.5B212100c155661 bp
Sep 30, 2023$2.0B179100c58663 bp
Jun 30, 2023$1.8B173100c49659 bp
Mar 31, 2023$1.5B156100c51666 bp
Dec 31, 2022$2.9B159100c92655 bp
Sep 30, 2022$38.0M6n/a0n/a
Jun 30, 2022$14.3M5n/a0n/a
Mar 31, 2022$12.7M2n/a0n/a
Dec 31, 2021$21.6M4n/a0n/a
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 lender joined a facilityJun 30, 2026
  • New lender joined a facilityJun 30, 2026
  • New lender joined a facilityJun 30, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+711 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Dec 31, 2024
1,798 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Drawbridge Partners, LLC, Equity Securitiesequity equity$0$783,000
120c
Residential Homes for Rent LLCwarrants equity$0$777,000Mar 5, 2034
Residential Homes for Rent LLC, Equity Securitieswarrants equity$0$777,000Mar 5, 2034
Avison Young (USA) Inc.preferred equity equity$0$774,000
38c
PIK 12.50%
Avison Young (USA) Inc., Equity Securitiespreferred equity equity$0$774,000
38c
PIK 12.50%

1,798 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2019 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001742313-26-000046reported
Capital chain

This record sits on 83 traced paths of capital across the graphs.

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

DFX traced 83 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

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

Checking your plan…

Position history

4,950 field-level changes across filed schedules, latest first

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.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)