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A business development company
A business development company traded as MSDL, holding $3.9B across 248 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
- Fair value
- $3.9B
- Borrowers
- 248
- Mark on cost
- 97.0¢
- First lien
- 94%
What matters now
- $97.9Mon non-accrual, 5 borrowers
5 borrowers on non-accrual, $97.9M principal; the largest is Spectrio, LLC ($49.2M).
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 Spectrio, LLC → - $80Mnewly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $80M principal: Spectrio, LLC ($49.2M), US INFRA SVCS Buyer, LLC ($18.6M), BPG Holdings IV Corp ($12.2M).
Q2 2026 · The newest credit problems in the book.
- 26 below 80¢$183M principal
26 positions across 20 borrowers marked below 80¢ on cost, $183M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 67 → 79loans paying in kind
Loans paying in kind rose from 67 to 79 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.
- 243 → 248borrowers
Added a net 5 borrowers in the quarter to Jun 30, 2026, to 248.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1782524 · file 814-01332ShowHide
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $3.9B | 248 | 97c | 79 | 519 bp |
| Mar 31, 2026 | $4.0B | 243 | 98c | 67 | 506 bp |
| Dec 31, 2025 | $3.8B | 246 | 98c | 52 | 515 bp |
| Sep 30, 2025 | $3.8B | 230 | 98c | 49 | 522 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $3.8B | 231 | 99c | 57 | 533 bp |
| Mar 31, 2025 | $11B | 224 | 99c | 51 | 540 bp |
| Dec 31, 2024 | $13B | 228 | 99c | 96 | 543 bp |
| Sep 30, 2024 | $7.3B | 215 | 99c | 46 | 557 bp |
| Jun 30, 2024 | $3.6B | 207 | 99c | 43 | 573 bp |
| Mar 31, 2024 | $6.6B | 191 | 99c | 35 | 595 bp |
| Dec 31, 2023 | $6.4B | 184 | 99c | 35 | 598 bp |
| Sep 30, 2023 | $6.2B | 179 | 99c | 23 | 605 bp |
| Jun 30, 2023 | $3.0B | 169 | 98c | 14 | 606 bp |
| Mar 31, 2023 | $2.9B | 167 | 98c | 9 | 588 bp |
| Dec 31, 2022 | $2.9B | 162 | 98c | 11 | 585 bp |
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
+15 additional dated changes on this BDC
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
- VRC Companies, LLC first lien term loan13 BDCs hold it · matures Jun 29, 2029$66.8M 100c
- GS AcquisitionCo, Inc first lien term loan26 BDCs hold it · matures May 25, 2028$61.6M 94c
- Foundation Risk Partners Corp first lien term loan13 BDCs hold it · matures Oct 29, 2030$54.2M 101c
+561 additional facilities held
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Pamlico Avant Holdings, LP Electronic Equipment, Instruments & Components | term loan first lien | $0 | -$3,000 150c | SOFR+450 bp | Dec 31, 2032 |
| CCI Buyer, Inc. Wireless Telecommunication Services | term loan first lien | $0 | -$3,000 300c | SOFR+500 bp | May 13, 2032 |
| Vensure Employer Services, Inc. Commercial Services & Supplies | term loan first lien | $0 | -$3,000 100c | SOFR+500 bp | Sep 29, 2031 |
| Merative, LP Health Care Providers & Services | term loan first lien | $0 | -$3,000 300c | SOFR+450 bp | Sep 30, 2032 |
| Eclipse Buyer, Inc. Diversified Consumer Services | term loan first lien | $0 | -$3,000 100c | SOFR+450 bp | Sep 8, 2031 |
1,024 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.
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2020 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-337915reported
This record is the same institution as 1 record in Independent Sponsors.
DFX found 1 relationship across 1 dataset
Which record it is in each graph, what it is called there, and what the two were joined on.
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
Checking your plan…
This record sits on 37 traced paths of capital across the graphs.
DFX traced 37 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
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
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 kindShow fewer
- Feb 26, 2026 to presentfactBDC schedule of investments