DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
M••••• C•••••• I••••• P••• C•••
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
Unfunded
$925M
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
50 sponsors financed
Portfolio through time
Fair value by quarter end$6.0B as of Jun 30, 2026
Dec 31, 2021$21.6M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $6.0B | 291 | 98c | 131 | 584 bp |
| Mar 31, 2026 | $5.7B | 286 | 98c | 113 | 574 bp |
| Dec 31, 2025 | $6.2B | 293 | 98c | 113 | 582 bp |
| Sep 30, 2025 | $5.4B | 281 | 99c | 101 | 588 bp |
| Jun 30, 2025 | $5.1B | 265 | 100c | 97 | 596 bp |
| Mar 31, 2025 | $4.5B | 250 | 100c | 98 | 608 bp |
| Dec 31, 2024 | $8.2B | 246 | 100c | 214 | 621 bp |
| Sep 30, 2024 | $3.7B | 222 | 100c | 85 | 639 bp |
| Jun 30, 2024 | $3.4B | 218 | 100c | 75 | 651 bp |
| Mar 31, 2024 | $2.8B | 214 | 101c | 65 | 651 bp |
| Dec 31, 2023 | $6.7B | 212 | 100c | 155 | 660 bp |
| Sep 30, 2023 | $2.0B | 180 | 100c | 58 | 662 bp |
| Jun 30, 2023 | $1.8B | 174 | 100c | 49 | 656 bp |
| Mar 31, 2023 | $1.6B | 157 | 101c | 51 | 666 bp |
| Dec 31, 2022 | $3.0B | 158 | 101c | 92 | 655 bp |
| Sep 30, 2022 | $23.0M | 6 | n/a | 0 | n/a |
| Jun 30, 2022 | $10.5M | 5 | n/a | 0 | n/a |
| Mar 31, 2022 | $9.9M | 2 | n/a | 0 | n/a |
| Dec 31, 2021 | $21.6M | 4 | n/a | 0 | n/a |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
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
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- Z• I••••••••• I•• I•• first lien term loan2 BDCs hold it · matures Nov 14, 2031$82.3M 102c
- E•••• F•••• S•••••••• I•• first lien term loan4 BDCs hold it · matures Apr 17, 2031$81.1M 101c
- T•••• G•••• H••••••• C••• first lien term loan2 BDCs hold it · matures Mar 28, 2031$73.6M 101c
- S••••••••• I•• first lien term loan3 BDCs hold it · matures Oct 16, 2031 · V••••• C•••••• M••••••••• L•••$73.0M 101c
- K• S••••••• V•••••• L•• first lien term loan1 BDC hold it · matures Sep 5, 2031$67.9M 101c
- C••••• B••••• I•• first lien term loan2 BDCs hold it · matures Sep 14, 2029$65.7M 102c
- S••••••• S••••••• A••••••••• S•• C••• first lien term loan3 BDCs hold it · matures Sep 30, 2027 · L•••••• G•••• • P•••••••• L•••$65.5M 100c
- N••••••••• L•• first lien term loan2 BDCs hold it · matures Aug 26, 2027$64.0M 100c
- B••••••••• I•• first lien term loan2 BDCs hold it · matures Jul 17, 2029 · R••••••••• C•••••• M••••••••• L••$63.5M 102c
- F•••• B••••• G••••• L•• unsecured or subordinated term loan1 BDC hold it · matures Dec 29, 2028$60.9M 0c
- A••••• D••••••••• G••••• I•• first lien term loan1 BDC hold it · matures Jun 7, 2029$60.2M 100c
- B•• B••••• I•• first lien term loan4 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 |
|---|---|---|---|---|---|
| S••••••••• S••••••••• L•• | term loan first lien | $1.7M | $1.7M 101c | S+811 bp PIK 11.76% | Jul 29, 2028 |
| T•• G•••• A•••••• L•• | revolver first lien | $2.9M | $1.7M 104c | S+650 bp | Nov 20, 2030 |
| C••••••• D••• H•••••••• I••. | revolver first lien | $3.3M | $1.7M 99c | S+500 bp | Dec 20, 2030 |
| R••••••••• H•••• f•• R••• L•• | warrants equity | $0 | $1.7M 330c | Mar 5, 2034 | |
| W••••••/M••••• 700 JV LLC | term loan unsecured or subordinated | $1.7M | $1.7M 100c | PIK 13.25% | Oct 1, 2026 |
| e••••••• I••. and Conexiom US Inc. | term loan first lien | $1.7M | $1.7M 100c | S+685 bp | Dec 29, 2028 |
| T••••••••• I••. | term loan first lien | $1.6M | $1.6M 100c | S+640 bp | Aug 16, 2029 |
| K••••••• G••• P•••••••• L•• | term loan first lien | $1.6M | $1.6M 100c | S+665 bp | Dec 11, 2028 |
| S••••••• I••. | revolver first lien | $1.6M | $1.6M 99c | S+710 bp | Oct 22, 2028 |
| B•••• W••• L•••• L•• (Commitment to purchase the equity) | equity equity | $0 | $1.5M 96c | ||
| H••••• A••••••••• L•• | revolver first lien | $6.1M | $1.5M 100c | S+475 bp | Nov 7, 2030 |
| C••• P••••••••• L•• | delayed draw term loan first lien | $3.7M | $1.5M 100c | S+650 bp PIK 0.50% | Feb 28, 2030 |
| B•• B••••• I••. | term loan first lien | $1.5M | $1.5M 101c | S+625 bp | Dec 21, 2029 |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.5M | $1.5M 100c | S+585 bp | Dec 31, 2026 |
| S•••• R•••••••• L•• | equity equity | $0 | $1.5M 99c | ||
| I••• H••••• I••. and Induspac H••••• Inc. | term loan first lien | $1.5M | $1.5M 100c | S+565 bp | Dec 17, 2027 |
| F• P•••••• I••••••••• L•• | equity equity | $0 | $1.5M 100c | ||
| G•• C••• B•••• L•• | equity equity | $0 | $1.5M 100c | ||
| E••••••••• A••••••••• L•• | revolver first lien | $2.7M | $1.5M 100c | S+625 bp | Aug 29, 2029 |
| P••••••• I••. | term loan first lien | $1.5M | $1.5M 100c | S+626 bp | Jun 28, 2028 |
| A••••••• B•••••••• a•• T••••••••• C•••••• L•• | term loan first lien | $4.1M | $1.4M 44c | S+1200 bp PIK 2.00% | |
| K••••••• G••• P•••••••• L•• | revolver first lien | $1.4M | $1.4M 100c | S+665 bp | Dec 11, 2028 |
| C••••••••• C••••••• L•• | term loan first lien | $1.4M | $1.4M 102c | S+650 bp | Apr 21, 2030 |
| A••• P••• C••••••• L•• | delayed draw term loan first lien | $4.0M | $1.4M 100c | S+475 bp | Nov 18, 2031 |
| E•••••••• T•••••• L•• | revolver first lien | $1.5M | $1.4M 92c | S+661 bp | Nov 8, 2028 |
| R••••••• H••••• G••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+585 bp | Dec 31, 2026 |
| J2 BWA F•••••• III, LLC (Commitment to purchase equity) | equity equity | $0 | $1.4M 121c | ||
| E•••••••• L•• | equity equity | $0 | $1.4M 230c | ||
| E••••ligence Learning Corporation (Revolver) | Senior Secure | revolver first lien | $3.4M | $1.3M 89c | S+575 bp | Jan 18, 2030 |
| P••••••• I••. | term loan first lien | $1.3M | $1.3M 100c | S+626 bp | Jun 28, 2028 |
| T•• S•••••• D••• L•• | revolver first lien | $2.0M | $1.3M 100c | S+600 bp | Apr 4, 2029 |
| P••••••• G•••• H••••••• P•• L•• | delayed draw term loan first lien | $2.4M | $1.3M 100c | S+675 bp | Dec 19, 2031 |
| T•• P••••••••• B••••• L•• | equity equity | $0 | $1.3M 110c | ||
| V•••••••• L•• | revolver first lien | $3.8M | $1.3M 100c | S+550 bp | Jan 10, 2030 |
| T•••••• M••••••• S••••••• I••. | term loan first lien | $1.3M | $1.2M 98c | S+760 bp PIK 2.00% | Feb 26, 2027 |
| X••••• W•••••••• L•• | equity equity | $0 | $1.2M 162c | ||
| N•••••••• C••••••••• C••••••• L•• | revolver first lien | $1.9M | $1.2M 100c | S+643 bp | Aug 16, 2029 |
| F• P•••••• I••••••••• L•• | term loan first lien | $1.2M | $1.2M 100c | S+475 bp | Jan 23, 2032 |
| A••••••• C••••• O••• L• | delayed draw term loan first lien | $2.0M | $1.2M 169c | S+811 bp PIK 11.73% | Jan 2, 2027 |
| E•••• T•••••• a•• E••••••••• H••••••• L•• | delayed draw term loan first lien | $5.0M | $1.2M 100c | S+450 bp | Dec 22, 2031 |
| H••• H•••••• L•• | revolver first lien | $2.3M | $1.2M 100c | S+575 bp PIK 1.00% | Jun 25, 2031 |
| I••••••••• B••••• I••. | revolver first lien | $2.2M | $1.2M 72c | S+785 bp PIK 2.00% | Jan 29, 2027 |
| 9• P•••••• B••••• L•• | equity equity | $0 | $1.1M 298c | PIK 8.00% | |
| T••••••• Women's H•••••, LLC | delayed draw term loan first lien | $8.4M | $1.1M 100c | S+450 bp | Aug 26, 2031 |
| P••••••• I••. | equity equity | $0 | $1.1M 102c | PIK 8.00% | |
| K••••••• G••• P•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+665 bp | Dec 11, 2028 |
| V••• A••••••••• H•••••• L•• | term loan first lien | $574,000 | $1.1M 129c | S+826 bp PIK 11.90% | Jan 31, 2028 |
| P••••••• I••. | revolver first lien | $1.1M | $1.1M 100c | S+626 bp | Jun 28, 2028 |
| B•• B••••• I••. | term loan first lien | $1.1M | $1.1M 101c | S+625 bp | Dec 21, 2029 |
| I• • P• H••••••• C••••••• L•• | term loan first lien | $1.1M | $1.1M 99c | S+535 bp | Oct 3, 2028 |
| F••••• M••••• I••. | term loan unsecured or subordinated | $1.3M | $1.1M 101c | PIK 5.00% | Jun 20, 2028 |
| e••••••• I••. and Conexiom US Inc. | 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 | $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 Transport | equity equity | $0 | $956,000 111c | ||
| W••••••/M••••• 700 JV LLC | 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 |
| 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 |
| P••••••• I••. | term loan first lien | $884,000 | $883,000 99c | S+626 bp | Jun 28, 2028 |
| E••••••••• M•••• S••••••••• I••. | term loan first lien | $865,000 | $865,000 101c | S+550 bp | Sep 22, 2030 |
| C••••• B•••••, Phoenix LLC | 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•••• (USA) Inc. | term loan unsecured or subordinated | $1.9M | $808,000 51c | S+776 bp | Mar 12, 2029 |
| J•••••••• H•••••••• L•• | equity equity | $0 | $799,000 101c | ||
| J•• S•••••• L•• | preferred equity equity | $0 | $799,000 100c | PIK 10.00% | |
| 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 | $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•••• (USA) Inc. | 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% |
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