DFX Intelligence
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M••••••• B••• I•••
A non-traded business development company, managed by M••••••• B•• A••••••• L••, holding $770M across 15 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
- $770M
- Borrowers
- 15
- Mark on cost
- 87.4¢
- First lien
- 22%
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
- 1 below 80¢$19.6M principal
1 position across 1 borrower marked below 80¢ on cost, $19.6M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $1.1B → $819Mfair value, 4 quarters
Its portfolio shrank 22% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1779523 · file 814-01314ShowHide
Fair value
$770M
as of Jun 30, 2026
Principal held
$204M
debt pieces, the filer's figure
Cost
$865M
87c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
57
15 borrowers
First lien
22%
43% debt by fair value
Quarters on the tape
6
since Dec 31, 2024
Facilities held
22
1 sponsors financed
Portfolio through time
Fair value by quarter end$819M as of Jun 30, 2026
Dec 31, 2024$1.2B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $819M | 15 | 87c | 9 | n/a |
| Mar 31, 2026 | $825M | 13 | 87c | 8 | n/a |
| Dec 31, 2025 | $842M | 15 | 88c | 8 | n/a |
| Sep 30, 2025 | $1.0B | 16 | 94c | 8 | n/a |
All 6 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.1B | 16 | 95c | 10 | n/a |
| Dec 31, 2024 | $1.2B | 15 | 99c | 13 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Returned to accrualJun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleDec 31, 2025
- New borrower on a BDC scheduleDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- New borrower on a BDC scheduleDec 31, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- New borrower on a BDC scheduleJun 30, 2025
Largest facilities held, with co-lenders
- $25.3M 82c
- 3•• B••• C••• G•••• H••••••• second lien term loan1 BDC hold it · matures May 24, 2027$19.8M 90c
- Q•••• B•••• L•• first lien delayed draw term loan1 BDC hold it · matures May 9, 2027$19.6M 25c
- C••••••••• B••••••• P••••••• • M•••••••• H•••••••• L•• second lien term loan1 BDC hold it · matures Mar 21, 2028$13.3M 101c
- D•••••• B•••• W•••••••• first lien term loan1 BDC hold it · matures Nov 28, 2028 · possible sponsor G•••••• C•••• C•••••• P•••••••$11.3M 102c
- A•• A••••••••• S•••••••• H••••••• second lien term loan1 BDC hold it · matures Jul 12, 2027$10.7M 101c
- I• C••••••••• • M••••••••• I•• second lien term loan1 BDC hold it · matures May 31, 2028$9.4M 102c
- A•• A••••••••• S•••••••• H••••••• first lien delayed draw term loan1 BDC hold it · matures Jul 12, 2026$4.4M 100c
- A••• L•••••• R••••••••• L•• second lien term loan1 BDC hold it · matures Jun 30, 2028$1.7M 98c
- D•••••• B•••• W•••••••• preferred equity1 BDC hold it · possible sponsor G•••••• C•••• C•••••• P•••••••$1.1M 79c
- Q•••• J••• L•••••• equity1 BDC hold it$750,000 n/a
- T••• N•••••• I••••••••• L•• equity1 BDC hold it$650,000 193c
Schedule of investments at Sep 30, 2025
47 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| I••••••••• | unstated lien unstated | Not disclosed | $232M 90c | ||
| N••••••••• I••••••••• | unstated lien unstated | Not disclosed | $208M 98c | ||
| N•• a••••• | unstated lien unstated | Not disclosed | $155M | ||
| N••••••••• I••••••••• • S••••••••• I••••••••• | unstated lien unstated | $115M | $115M 100c | ||
| N••••••••• I••••••••• • S••••••••• I••••••••• • U••••• S•••• | unstated lien unstated | $115M | $115M 100c | 4.10% | Oct 2, 2025 |
| N••••••••• I••••••••• S••••• S•••••• L••• D••• I••••••••• | term loan first lien | $89.3M | $86.7M 99c | ||
| A••••••••• I••••••••• | unstated lien unstated | Not disclosed | $24.8M 51c | ||
| A••• L•••••• R••••••••• | term loan first lien | $24.7M | $23.1M 94c | 10.00% PIK 10.00% | Dec 31, 2028 |
| A••••••••• I••••••••• •••••• S•••••• L••• D••• I••••••••• | term loan first lien | $44.9M | $22.7M 51c | ||
| 3•• B••• C••• G•••• H••••••• | term loan second lien | $15.3M | $14.9M 98c | 14.16% | May 24, 2027 |
| M•••••••• I••• | term loan first lien | $12.6M | $12.7M 102c | 11.80% | May 31, 2028 |
| D•••••• B•••• W•••••••• | term loan first lien | $11.8M | $11.9M 103c | 14.50% PIK 2.50% | Nov 28, 2028 |
| Q•••• B•••• •••••• L•• | term loan first lien | $17.4M | $10.8M 62c | 13.55% PIK 13.55% | May 9, 2027 |
| A•• A••••••••• S•••••••• | delayed draw term loan first lien | $10.6M | $10.6M 102c | 13.75% PIK 2.50% | Jul 12, 2027 |
| M•••••••• H•••••••• L•• | term loan first lien | $8.2M | $8.1M 101c | 12.00% | Mar 21, 2028 |
| T••• N•••••• I••••••••• L•• | term loan first lien | $6.2M | $6.2M 101c | 10.55% | Apr 13, 2027 |
| N••••••••• I••••••••• • E••••• I••••••••• | unstated lien unstated | Not disclosed | $5.7M 69c | ||
| M•••••••• H••••••• | term loan first lien | $5.1M | $5.1M 101c | 12.00% | Mar 21, 2028 |
| A•• A••••••••• S•••••••• | term loan second lien | $4.3M | $4.4M 101c | 13.75% PIK 2.50% | Jul 12, 2027 |
| N••••••••• I••••••••• • E••••• I••••••••• • C••••• S•••• | equity equity | $1.5M | $4.3M 96c | ||
| D•••••• B•••• W•••••••• | preferred equity equity | $1.1M | $2.2M 93c | 8.00% | |
| A••••••••• I••••••••• • E••••• I••••••••• • P•••••••• S•••• | preferred equity equity | $1.1M | $2.2M 93c | ||
| A••••••••• I••••••••• • E••••• I••••••••• | unstated lien unstated | $1.8M | $2.2M 54c | ||
| M•••••••• H•••••••• L•• • M•••••••• I•• • C••••••••• B••••••• P••••••• | term loan first lien | $500,000 | $1.4M 279c | ||
| 3•• B••• C••• G•••• H••••••• | term loan second lien | $1.5M | $1.4M 99c | 14.16% | May 24, 2027 |
| N••••••••• I••••••••• • E••••• I••••••••• • P•••••••• S•••• | preferred equity equity | $3.1M | $1.3M 36c | ||
| T••• N•••••• I••••••••• L•• | equity equity | $650,000 | $978,512 151c | ||
| S••••• a•• A••••••••• ••••••••• | preferred equity equity | $806,431 | $876,663 109c | 8.00% | |
| M•••••••• I••• • I• C••••••••• | equity equity | $300,000 | $863,682 288c | ||
| 3•• B••• C••• G•••• H••••••• I•••••• L•• C•••• B• P••••••• F•••• & M•••• | equity equity | $1,000 | $453,299 45c | ||
| A••• L•••••• R••••••••• | term loan first lien | $968,750 | $364,949 106c | 10.00% | Dec 31, 2028 |
| A•• A••••••••• S•••••••• H••••••• | equity equity | $750 | $280,847 28c | ||
| A•• A••••••••• S•••••••• H••••••• | equity equity | $685 | $256,507 28c | ||
| 3•• B••• C••• G•••• H••••••• I•••••• L•• P••••••• F•••• & M•••• | preferred equity equity | $500 | $226,650 45c | ||
| A•• A••••••••• S•••••••• H••••••• • P•••••••• A••••••••• | preferred equity equity | $75,396 | $226,187 300c | 8.00% | |
| 3•• B••• C••• G•••• H••••••• I•••••• L•• C•••• C• -P••••••• F•••• & M•••• | equity equity | $160 | $72,502 45c | ||
| Q•••• B•••• L•• | term loan first lien | $20,825 | $12,847 62c | 5.00% PIK 5.00% | May 9, 2027 |
| L••••••••• i• E••••• o• O•••• A••••• | unstated lien unstated | Not disclosed | -$77.6M | ||
| Q•••• J••• L•••••• • L••• | notes lien unstated | $111,755 | Not disclosed n/a | ||
| A••• L•••••• R••••••••• | preferred equity equity | $2.1M | Not disclosed n/a | 8.00% | |
| M•••••• T•••••• G•••• A••••••••• L•• C•••• C• C••••••• & E••••••••• R••••• | equity equity | $900 | Not disclosed | ||
| M•••••• T•••••• G•••• A••••••••• L•• C•••• A•• C••••••• & E••••••••• R••••• | equity equity | $400 | Not disclosed n/a | ||
| Q•••• J••• L•••••• • C•••• A• L•••••• F••••••••• | equity equity | $638,245 | Not disclosed n/a | ||
| M•••••• T•••••• G•••• A••••••••• L•• | term loan first lien | $15.7M | Not disclosed n/a | 13.04% PIK 2.00% | Mar 3, 2028 |
| A••• L•••••• R••••••••• | preferred equity equity | $156,250 | Not disclosed n/a | 8.00% | |
| A••••••••• I••••••••• • E••••• I••••••••• • C••••• S•••• | equity equity | $751,800 | Not disclosed n/a | ||
| M•••••• T•••••• G•••• A••••••••• L•• C•••• A•• C••••••• & E••••••••• R••••• | equity equity | $500 | Not disclosed n/a | PIK 8.00% |
Page 1 of 1
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2019 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001213900-26-089024reported