DFX Intelligence
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T••••••••• P•••••• V•••••• C••••• I•••
A non-traded business development company, managed by T••••••••• A••••••• L••, holding $387M across 193 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
- $387M
- Borrowers
- 193
- Mark on cost
- 92.2¢
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
- $24Mon non-accrual, 4 borrowers
4 borrowers on non-accrual, $24M principal; the largest is S••••• I•• ($9.61M).
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 S••••• I•• → - $7Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $7M principal: M••••• I•• ($7M).
Q2 2026 · The newest credit problems in the book.
- 33 below 80¢$33.5M principal
33 positions across 9 borrowers marked below 80¢ on cost, $33.5M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
Every headline figure, and the identifiersCIK 1792509 · file 814-01327ShowHide
Fair value
$387M
as of Jun 30, 2026
Principal held
$334M
debt pieces, the filer's figure
Cost
$381M
92c on cost, debt pieces
Unfunded
$92.1M
commitments not yet drawn
Positions
492
193 borrowers
First lien
not established
80% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
332
12 sponsors financed
Portfolio through time
Fair value by quarter end$387M as of Jun 30, 2026
Dec 31, 2022$442M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $387M | 193 | 92c | 36 | 474 bp |
| Mar 31, 2026 | $394M | 191 | 91c | 43 | 473 bp |
| Dec 31, 2025 | $772M | 197 | 92c | 87 | 484 bp |
| Sep 30, 2025 | $362M | 195 | 90c | 42 | 517 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $347M | 182 | 92c | 42 | 520 bp |
| Mar 31, 2025 | $417M | 177 | 90c | 28 | 525 bp |
| Dec 31, 2024 | $1.2B | 213 | 94c | 109 | 523 bp |
| Sep 30, 2024 | $438M | 175 | 96c | 33 | 545 bp |
| Jun 30, 2024 | $415M | 170 | 96c | 27 | 557 bp |
| Mar 31, 2024 | $444M | 163 | 97c | 19 | 573 bp |
| Dec 31, 2023 | $548M | 186 | 97c | 5 | 573 bp |
| Sep 30, 2023 | Not disclosed | 68 | n/a | 0 | n/a |
| Jun 30, 2023 | Not disclosed | 56 | n/a | 0 | n/a |
| Mar 31, 2023 | Not disclosed | 56 | n/a | 0 | n/a |
| Dec 31, 2022 | $442M | 175 | 97c | 1 | 611 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Largest facilities held, with co-lenders
- F•••• B•••••• L•• term loan2 BDCs hold it · matures May 1, 2027$25.1M 89c
- F••••••••• I•• term loan2 BDCs hold it · matures Jun 1, 2027$10.5M 100c
- V••••••••• I•• term loan2 BDCs hold it · matures Sep 1, 2029$10.0M 100c
- H•••••• I•• term loan2 BDCs hold it · matures Dec 1, 2027$9.9M 80c
- S••••• I•• term loan1 BDC hold it$9.6M 40c
- P••••••• E••••••••• I•• term loan2 BDCs hold it · matures Sep 1, 2028$9.5M 100c
- S•••••• I•• term loan2 BDCs hold it · matures Dec 1, 2028$9.0M 100c
- P••••••• I•• term loan2 BDCs hold it · matures Aug 23, 2031$8.9M 100c
- S•••••• I•• term loan2 BDCs hold it · matures May 1, 2030$8.4M 95c
- C•••••••• G•••• L•• term loan2 BDCs hold it · matures Jun 10, 2031$8.0M 100c
- T••••••• I•• term loan2 BDCs hold it · matures Mar 31, 2027$7.5M 83c
- T•••• E•••••• I•• term loan2 BDCs hold it · matures Sep 1, 2029$7.5M 100c
Schedule of investments at Dec 31, 2023
949 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| W••••••• I••• | warrants equity | Not disclosed | $31,000 258c | ||
| F•••• B•••••• L•• | equity equity | Not disclosed | $31,000 34c | ||
| W••••••• I••• | warrants equity | Not disclosed | $31,000 258c | ||
| F•••• B•••••• L•• | equity equity | Not disclosed | $31,000 34c | ||
| P••••• A• F•••• G••• | warrants equity | Not disclosed | $30,000 100c | ||
| V••••••• H••••••• I••• | warrants equity | Not disclosed | $30,000 56c | ||
| V••••••• H••••••• I•• | warrants equity | Not disclosed | $30,000 56c | ||
| P••••• A• F•••• G••• | warrants equity | Not disclosed | $30,000 100c | ||
| O••••••• H•••••• I••• 2• | warrants equity | Not disclosed | $30,000 120c | ||
| O••••••• H•••••• I••• 2• | warrants equity | Not disclosed | $30,000 120c | ||
| V••••••• H••••••• I••• | warrants equity | Not disclosed | $30,000 56c | ||
| B••••• H•••• I••• | equity equity | Not disclosed | $29,000 100c | ||
| B••••• H•••• I•• | equity equity | Not disclosed | $29,000 100c | ||
| B••••• H•••• I••• | equity equity | Not disclosed | $29,000 100c | ||
| P•••••• I•• | warrants equity | Not disclosed | $29,000 223c | ||
| P•• F••• I••• | warrants equity | Not disclosed | $29,000 223c | ||
| U••••••• T••••••••• I••• | warrants equity | Not disclosed | $29,000 290c | ||
| P•••••• I••• | warrants equity | Not disclosed | $29,000 223c | ||
| U••••••• T••••••••• I•• | warrants equity | Not disclosed | $29,000 290c | ||
| R•••• C•••••••• I••• 1• | warrants equity | Not disclosed | $28,000 47c | ||
| A•••• H•••••• I••• | warrants equity | Not disclosed | $28,000 97c | ||
| A•••• H•••••• I••• | warrants equity | Not disclosed | $28,000 97c | ||
| R•••• C•••••••• I••• 1• | warrants equity | Not disclosed | $28,000 47c | ||
| W•••••••• F•••••• L•••••••• L•••••• 1• | warrants equity | Not disclosed | $27,000 108c | ||
| N•••••• O•• W•••• A• 2• | warrants equity | Not disclosed | $27,000 104c | ||
| N•••••• O•• W•••• A• 2• | warrants equity | Not disclosed | $27,000 104c | ||
| W•••••••• F•••••• L•••••••• L•••••• 1• | warrants equity | Not disclosed | $27,000 108c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $25,000 58c | ||
| B•••••••• I•• | warrants equity | Not disclosed | $25,000 60c | ||
| B•••••••• I••• | warrants equity | Not disclosed | $25,000 60c | ||
| L••••• P•••••••• I••• | warrants equity | Not disclosed | $25,000 63c | ||
| L••••• P•••••••• I••• | warrants equity | Not disclosed | $25,000 63c | ||
| E••••••• G••• | warrants equity | Not disclosed | $25,000 104c | ||
| M•• | equity equity | Not disclosed | $25,000 100c | ||
| E••••••• G••• | warrants equity | Not disclosed | $25,000 104c | ||
| M•• | equity equity | Not disclosed | $25,000 100c | ||
| B•••••••• I••• | warrants equity | Not disclosed | $25,000 60c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $25,000 58c | ||
| F•••••••• I••• | unstated lien unstated | $22,000 | $23,000 100c | S+575 bp | |
| P•••••••• I••• | warrants equity | Not disclosed | $23,000 38c | ||
| P•••••• A••• I••• 2• | warrants equity | Not disclosed | $23,000 66c | ||
| P•••••• A••• I••• 2• | warrants equity | Not disclosed | $23,000 66c | ||
| P•••••• A••• I•• 2• | warrants equity | Not disclosed | $23,000 66c | ||
| P•••••••• I••• | warrants equity | Not disclosed | $23,000 38c | ||
| M••••••••• N•••••••• I••• 2• | warrants equity | Not disclosed | $22,000 88c | ||
| M••••••••• N•••••••• I•• 2• | warrants equity | Not disclosed | $22,000 88c | ||
| M••••••••• N•••••••• I••• 2• | warrants equity | Not disclosed | $22,000 88c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $21,000 100c | ||
| C••••• C••••••••• I••• | warrants equity | Not disclosed | $21,000 27c | ||
| C•••••••• I•• | warrants equity | Not disclosed | $21,000 100c | ||
| M••••••••• T••••••••• I••• | warrants equity | Not disclosed | $21,000 700c | ||
| C••••• C••••••••• I••• | warrants equity | Not disclosed | $21,000 27c | ||
| M••••••••• T••••••••• I••• | warrants equity | Not disclosed | $21,000 700c | ||
| M••••••••• T••••••••• I••• | warrants equity | Not disclosed | $21,000 700c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $21,000 100c | ||
| C••••• C••••••••• I•• | warrants equity | Not disclosed | $21,000 27c | ||
| L••• O•••••• S•••••••• I••• | warrants equity | Not disclosed | $20,000 34c | ||
| L••• O•••••• S•••••••• I••• | warrants equity | Not disclosed | $20,000 34c | ||
| H•••••••• I••• | warrants equity | Not disclosed | $18,000 12c | ||
| K•••• F•••••••• T••••••••• I••••••••• 2• | warrants equity | Not disclosed | $18,000 100c | ||
| H•••••••• I••• | warrants equity | Not disclosed | $18,000 12c | ||
| V•••••• F•••••••• I••• | warrants equity | Not disclosed | $16,000 100c | ||
| V•••••• F•••••••• I••• | warrants equity | Not disclosed | $16,000 100c | ||
| P•••••• A••• I•• 3• | warrants equity | Not disclosed | $16,000 67c | ||
| R•••• N••••••• I•• | revolver lien unstated | $42,000 | $16,000 38c | S+575 bp | |
| E•••••• I••• | warrants equity | Not disclosed | $16,000 89c | ||
| R•••• N••••••• I••• | revolver lien unstated | $42,000 | $16,000 38c | S+575 bp | |
| E•••••• I•• | warrants equity | Not disclosed | $16,000 89c | ||
| E•••••• I••• | warrants equity | Not disclosed | $16,000 89c | ||
| P•••••• A••• I••• 3• | warrants equity | Not disclosed | $16,000 67c | ||
| P•••••• A••• I••• 3• | warrants equity | Not disclosed | $16,000 67c | ||
| B••••• H•••• I••• | warrants equity | Not disclosed | $15,000 250c | ||
| B••••• H•••• I••• | warrants equity | Not disclosed | $15,000 250c | ||
| M•• I••••••••• L•• | equity equity | Not disclosed | $14,000 70c | ||
| C••••••••• F•••••• C••••••••• 1• | warrants equity | Not disclosed | $14,000 100c | ||
| F•• H••••• U• L•••••• | warrants equity | Not disclosed | $14,000 140c | ||
| F•• H••••• U• L•••••• | warrants equity | Not disclosed | $14,000 140c | ||
| M•• I••••••••• L••• | equity equity | Not disclosed | $14,000 70c | ||
| C••••••••• F•••••• C••••••••• 1• | warrants equity | Not disclosed | $14,000 100c | ||
| M•• I••••••••• L••• | equity equity | Not disclosed | $14,000 70c | ||
| I••••• I••• 2• | warrants equity | Not disclosed | $13,000 100c | ||
| I••••• I••• 2• | warrants equity | Not disclosed | $13,000 100c | ||
| G••• E•••• I••• | warrants equity | Not disclosed | $12,000 8c | ||
| D••••••• I••• | warrants equity | Not disclosed | $12,000 24c | ||
| D••••••• I••• | warrants equity | Not disclosed | $12,000 24c | ||
| G••• E•••• I•• | warrants equity | Not disclosed | $12,000 8c | ||
| G••• E•••• I••• | warrants equity | Not disclosed | $12,000 8c | ||
| D••••••• I•• | warrants equity | Not disclosed | $12,000 24c | ||
| M••• M••••••••• I••• 3• | warrants equity | Not disclosed | $11,000 100c | ||
| M••• M••••••••• I••• 3• | warrants equity | Not disclosed | $11,000 100c | ||
| I••••• I••• 1• | warrants equity | Not disclosed | $11,000 24c | ||
| I••••• I••• 1• | warrants equity | Not disclosed | $11,000 24c | ||
| D•••• G••• 2• | warrants equity | Not disclosed | $11,000 52c | ||
| D•••• G••• 2• | warrants equity | Not disclosed | $11,000 52c | ||
| B••• G••••••••• I•• | warrants equity | Not disclosed | $10,000 100c | ||
| P••• E••••••• I••• | equity equity | Not disclosed | $10,000 100c | ||
| B••• G••••••••• I••• | warrants equity | Not disclosed | $10,000 100c | ||
| B••• G••••••••• I••• | warrants equity | Not disclosed | $10,000 100c | ||
| C•••••••• I••• 2• | warrants equity | Not disclosed | $10,000 167c | ||
| C•••••••• I•• 2• | warrants equity | Not disclosed | $10,000 167c |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2021 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- T••••••••• Global Venture Credit, LLCreported
- Latest schedule
- 0001792509-26-000024reported
Not yet on record: first lien.