DFX Intelligence

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M••••• C•••••• I••••• P••• C•••

Business development companymanaged by M• A•••••••Non-traded· CHICAGO, IL

A non-traded business development company, managed by M• A•••••••, holding $6.0B across 291 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: $6.0B
Borrowers: 291
Mark on cost: 97.8¢
First lien: 86%

Schedule of investments (1,343)Quarter by quarter Sponsors

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

What matters now

$183M
on non-accrual, 11 borrowers
11 borrowers on non-accrual, $183M principal; the largest is F•••• B••••• G••••• L•• ($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 F•••• B••••• G••••• L•• →
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
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

since Dec 31, 2021

Facilities held

714

48 sponsors financed

Portfolio through time

Fair value by quarter end$6.4B as of Jun 30, 2026

Dec 31, 2021$21.6M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$6.4B	291	98c	131	586 bp
Mar 31, 2026	$6.1B	286	98c	113	577 bp
Dec 31, 2025	$6.2B	293	98c	113	584 bp
Sep 30, 2025	$5.7B	281	99c	101	592 bp

All 19 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$5.4B	265	100c	97	601 bp
Mar 31, 2025	$4.7B	250	100c	98	613 bp
Dec 31, 2024	$8.2B	246	100c	214	623 bp
Sep 30, 2024	$3.8B	222	100c	85	641 bp
Jun 30, 2024	$3.5B	218	100c	75	653 bp
Mar 31, 2024	$2.9B	214	101c	65	652 bp
Dec 31, 2023	$6.7B	212	100c	155	661 bp
Sep 30, 2023	$2.0B	179	100c	58	663 bp
Jun 30, 2023	$1.8B	173	100c	49	659 bp
Mar 31, 2023	$1.6B	156	100c	51	666 bp
Dec 31, 2022	$3.0B	159	100c	92	655 bp
Sep 30, 2022	$38.0M	6	n/a	0	n/a
Jun 30, 2022	$14.3M	5	n/a	0	n/a
Mar 31, 2022	$12.7M	2	n/a	0	n/a
Dec 31, 2021	$21.6M	4	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 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
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

Z• I••••••••• I•• I•• first lien term loan
2 BDCs hold it · matures Nov 14, 2031
$82.3M 102c
E•••• F•••• S•••••••• I•• first lien term loan
3 BDCs hold it · matures Apr 17, 2031
$81.1M 101c
T•••• G•••• H••••••• C••• first lien term loan
1 BDC hold it · matures Mar 28, 2031
$73.6M 101c
S••••••••• I•• first lien term loan
2 BDCs hold it · matures Oct 16, 2031 · possible sponsor V••••• C•••••• M••••••••• L•••
$73.0M 101c
K• S••••••• V•••••• L•• first lien term loan
1 BDC hold it · matures Sep 5, 2031
$67.9M 101c
C••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Sep 14, 2029
$65.7M 102c
S••••••• S••••••• A••••••••• S•• C••• first lien term loan
2 BDCs hold it · matures Sep 30, 2027 · possible sponsor L•••••• G•••• • P•••••••• L•••
$65.5M 100c
N••••••••• L•• first lien term loan
1 BDC hold it · matures Aug 26, 2027
$64.0M 100c
B••••••••• I•• first lien term loan
1 BDC hold it · matures Jul 17, 2029
$63.5M 102c
F•••• B••••• G••••• L•• unsecured or subordinated term loan
1 BDC hold it · matures Dec 29, 2028
$60.9M 0c
A••••• D••••••••• G••••• I•• first lien term loan
1 BDC hold it · matures Jun 7, 2029
$60.2M 100c
B•• B••••• I•• first lien term loan
3 BDCs hold it · matures Dec 22, 2029
$59.3M 101c

Schedule of investments at Jun 30, 2026

1,343 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
F••••• M••••• I•••	term loan unsecured or subordinated	$1.3M	$1.1M 101c	PIK 5.00%	Jun 20, 2028
e••••••• I••• a•• C••••••• U• I•••	term loan first lien	$1.1M	$1.1M 99c	S+685 bp	Dec 29, 2028
A•••• I•••	equity equity	$0	$1.0M 118c	PIK 13.00%
M•• B•••• L••	revolver first lien	$5.7M	$1.0M 100c	S+425 bp	Jun 29, 2029
D••••••••• P•••••••• L••	equity equity	$0	$1.0M 126c
V••••••• B••••• L••	revolver first lien	$3.5M	$1.0M 100c	S+525 bp	May 6, 2030
C••••• C••••• I•••••• C••••	revolver first lien	$2.5M	$1.0M 100c	S+500 bp	Jun 30, 2030
G••••••• R••••••••• P••••••• B••••• L••	revolver first lien	$3.0M	$999,000 96c	S+500 bp	Nov 1, 2031
G••••••• E••••••••• I•••	revolver first lien	$1.0M	$998,000 100c	S+1200 bp	Nov 3, 2026
G•• C••• B•••• L••	term loan first lien	$995,000	$995,000 102c	S+610 bp	Nov 18, 2030
S•• M••• C••••••• L••	revolver first lien	$2.0M	$988,000 100c	S+585 bp	Jul 1, 2028
B••••••• S••••• D•••••••• L••	delayed draw term loan first lien	Not disclosed	$986,000
B••••••• S••••• D•••••••• L••	delayed draw term loan first lien	$1.3M	$986,000 100c	S+600 bp	Dec 31, 2030
N••• A••••••••• L••	delayed draw term loan first lien	$8.1M	$978,000 99c	S+500 bp	Mar 3, 2030
A••••••••• L••	term loan first lien	$979,000	$974,000 100c	S+500 bp	Jan 2, 2031
S•••• B••••••••• L••	term loan first lien	$970,000	$964,000 99c	S+550 bp	Jul 8, 2027
C••••••••• A••••••••• L•• Air T••••••••	equity equity	$0	$956,000 111c
W••••••••• 7•• J• L••	term loan unsecured or subordinated	$952,000	$952,000 100c	PIK 13.25%	Oct 1, 2026
S••••••••• M•••• M•••• L••	term loan unsecured or subordinated	$916,000	$902,000 99c	S+576 bp	Mar 30, 2029
Y•• O• E••• L••	delayed draw term loan first lien	$2.5M	$896,000 100c	S+586 bp	Jan 23, 2030
Y•• O• E••• L••	delayed draw term loan first lien	Not disclosed	$896,000
I••••• P••• L•••	equity equity	$0	$895,000 71c
Z••••• L••••••••• L••	revolver first lien	$2.0M	$893,000 100c	S+786 bp	Oct 6, 2028
Z••••• L••••••••• L••	revolver first lien	Not disclosed	$893,000
P••••••• I•••	term loan first lien	$884,000	$883,000 99c	S+626 bp	Jun 28, 2028
E••••••••• M•••• S••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	$865,000
E••••••••• M•••• S••••••••• I•••	term loan first lien	$865,000	$865,000 101c	S+550 bp	Sep 22, 2030
C••••• B•••••• P•••••• L••	revolver first lien	$2.2M	$863,000 97c	S+661 bp	Aug 18, 2027
V•••••• P••••••• L••	term loan first lien	$889,000	$860,000 102c	S+761 bp	Dec 31, 2026
A•••• A• H•••••••• L••	term loan unsecured or subordinated	$1.8M	$855,000 47c	S+640 bp PIK 10.13%	Aug 11, 2027
A••• W••••••••• I•••	equity equity	$0	$837,000 99c
N•• • J• L•••	term loan first lien	$814,000	$813,000 100c	S+585 bp	Nov 30, 2028
A••••• Y•••• •••• I•••	term loan unsecured or subordinated	$1.9M	$808,000 51c	S+776 bp	Mar 12, 2029
J•• S•••••• L••	preferred equity equity	$0	$799,000 100c	PIK 10.00%
J•••••••• H•••••••• L••	equity equity	$0	$799,000 101c
D••••• A••••••••• I•••	equity equity	$0	$795,000 101c
T•• B•••• T••• L••	term loan first lien	$792,000	$792,000 100c	S+650 bp	Dec 27, 2028
T•• B•••• T••• L••	revolver first lien	$1.9M	$778,000 100c	S+650 bp	Dec 27, 2028
J•••••••• H•••••• I•••	revolver first lien	Not disclosed	$755,000
J•••••••• H•••••• I•••	revolver first lien	$727,000	$755,000 108c	S+560 bp	Jun 30, 2029
A••••••• C••••• O••• L•	term loan unsecured or subordinated	$605,000	$753,000 125c	PIK 9.00%	Jan 2, 2028
T••••••• L••	term loan unsecured or subordinated	$751,000	$751,000 100c	S+1026 bp PIK 14.01%	Jun 18, 2029
T••••••••• I•••	term loan first lien	$743,000	$743,000 100c	S+640 bp	Aug 16, 2029
A••••••• C••••• O••• L•	term loan unsecured or subordinated	$592,000	$737,000 123c	PIK 9.00%	Jan 2, 2028
S•• C••• S•••••••• L••	revolver first lien	$760,000	$727,000 96c	S+585 bp	Dec 30, 2027
H••• H•••••• L••	delayed draw term loan first lien	$5.1M	$717,000 100c	S+475 bp	Jun 25, 2031
P•••••• B••••• L••	delayed draw term loan first lien	$1.6M	$711,000 100c	S+525 bp	Jan 5, 2032
A•••• A• H•••••••• L••	term loan unsecured or subordinated	$1.5M	$708,000 48c	S+615 bp	Aug 11, 2027
P••••••• I•••	term loan first lien	$707,000	$707,000 100c	S+626 bp	Jun 28, 2028
S••••••••• M••••• L••	term loan first lien	$697,000	$697,000 100c	S+585 bp	Jan 12, 2027
A••••• Y•••• •••• I•••	term loan first lien	$751,000	$680,000 113c	S+651 bp	Mar 12, 2028
F••••• D•••••• M••••• L••	revolver first lien	$807,000	$670,000 92c	S+761 bp	Nov 1, 2027
O•••••• L••	equity equity	$0	$653,000 235c
O••• A••••••••• L••	delayed draw term loan first lien	$3.0M	$642,000 101c	S+475 bp	Dec 20, 2030
S••••••••• L••	preferred equity equity	$0	$640,000 100c	PIK 8.00%
S••••• P••••••••• E••••••••• L••	revolver first lien	Not disclosed	$638,000
S••••• P••••••••• E••••••••• L••	revolver first lien	$1.5M	$638,000 100c	S+636 bp	Apr 25, 2029
F• P•••••• I••••••••• L••	delayed draw term loan first lien	$3.3M	$624,000 100c	S+475 bp	Jan 23, 2032
A••••••• N••••••• O••• I• L••	term loan first lien	$732,000	$620,000 91c	S+600 bp PIK 5.00%	Mar 3, 2030
C••••••• D••• H•••••••• I•••	term loan first lien	$625,000	$616,000 99c	S+500 bp	Dec 20, 2030
D•••••• H•••••••• I•••	equity equity	$0	$606,000 97c
S•••• H•••••••• I•••	term loan first lien	$680,000	$606,000 92c	S+625 bp PIK 4.25%	Jun 15, 2029
O•• A••••••••• L••	revolver first lien	$3.4M	$602,000 92c	S+475 bp	Apr 17, 2032
S•••• H•••••••• I•••	term loan first lien	$665,000	$593,000 92c	S+625 bp PIK 4.25%	Jun 25, 2029
S••••• P••••••••• E••••••••• L••	delayed draw term loan first lien	Not disclosed	$592,000
S••••• P••••••••• E••••••••• L••	delayed draw term loan first lien	$7.4M	$592,000 101c	S+625 bp	Apr 25, 2029
P•••••• B••••• L••	equity equity	$0	$587,000 101c
I• • P• H••••••• C••••••• L••	preferred equity equity	$0	$575,000 37c
B••••••••• I•••	preferred equity equity	$0	$563,000 100c	PIK 9.00%
K• M••• A••••••••• L•• •••••••	equity equity	$0	$551,000 46c
K•• C•••••••• B•••••••• L•• ••••••	equity equity	$0	$543,000 98c
L••••• T••••• H•••••••• L••	equity equity	$0	$541,000 148c
e••••••• I••• a•• C••••••• U• I•••	delayed draw term loan first lien	$1.6M	$541,000 99c	S+685 bp	Dec 29, 2028
A••••• I•••	revolver first lien	$588,000	$540,000 92c	S+615 bp	Nov 1, 2026
R•••••• E••••••• S••••••• B••••• I•••	revolver first lien	$2.7M	$536,000 100c	S+525 bp	Aug 6, 2030
P••••••• I•••	term loan first lien	$530,000	$530,000 99c	S+626 bp	Jun 28, 2028
F••••• B••••• L••	equity equity	$0	$527,000 269c
L•••• W••• D••••• M••••••••• L••	term loan first lien	$524,000	$525,000 102c	S+550 bp	Jun 29, 2029
F••••• B••••• L••	equity equity	$0	$525,000 105c	PIK 8.00%
S•••• C••• W•••• L••	revolver first lien	$1.6M	$523,000 99c	S+550 bp	Feb 5, 2030
S••••••••• L••	equity equity	$0	$522,000
I•••••••• L••	revolver first lien	$965,000	$514,000 100c	S+450 bp	Dec 22, 2027
A••••••• C•••••••• H••••• I•••	term loan first lien	$875,000	$511,000 98c	S+11 bp PIK 3.76%	Dec 31, 2026
A••••••• C•••••••• H••••• I•••	unstated lien unstated	Not disclosed	$511,000
S•••• B••••••••• L••	term loan first lien	$511,000	$507,000 99c	S+550 bp	Jul 8, 2027
A•••• A• H•••••••• L••	delayed draw term loan first lien	$975,000	$500,000 103c	S+610 bp	Aug 20, 2026
N••• A••••••••• L••	revolver first lien	$2.4M	$468,000 99c	S+500 bp	Mar 1, 2030
I•••••••• L••	delayed draw term loan first lien	$764,000	$468,000 100c	S+565 bp	Dec 22, 2027
S•••• B••••••••• L••	equity equity	$0	$466,000 119c
F••••• D•••••• M••••• L••	term loan first lien	$498,000	$460,000 92c	S+761 bp PIK 1.00%	Nov 1, 2027
N•••• P•••••••• L••	revolver first lien	$4.6M	$458,000 100c	S+500 bp	Dec 4, 2031
S••••••• I•••	term loan first lien	$457,000	$452,000 100c	S+710 bp	Oct 22, 2028
B••••••••• I•••	equity equity	$0	$436,000 2565c
A•••• I•••	delayed draw term loan first lien	$4.4M	$430,000 100c	S+525 bp	Dec 19, 2030
C•••••••• H•••••••• L•••••	equity equity	$0	$420,000 74c
N•• E••••• I•••	preferred equity equity	$0	$401,000 96c	PIK 8.00%
H••••• A••••••••• L••	delayed draw term loan first lien	$6.1M	$400,000 101c	S+475 bp	Nov 7, 2030
V•••••• P••••••• L••	term loan first lien	$401,000	$388,000 101c	S+750 bp PIK 11.26%	Dec 31, 2026
V•••••• P••••••• L••	revolver first lien	$821,000	$381,000 102c	S+961 bp	Dec 31, 2026
R••••••• I••••••••• L••	revolver first lien	$3.0M	$380,000 100c	S+350 bp	May 16, 2031

Page 7 of 14Previous Next

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