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 |
|---|---|---|---|---|---|
| P••• E••••••• I••• | unstated lien unstated | Not disclosed | $10,000 100c | ||
| P••••• A• F•••• G••• | equity equity | Not disclosed | $10,000 100c | ||
| C•••••••• I••• 2• | warrants equity | Not disclosed | $10,000 167c | ||
| W•••••••• F•••••• L•••••••• L•••••• 2• | warrants equity | Not disclosed | $10,000 111c | ||
| W•••••••• F•••••• L•••••••• L•••••• 2• | warrants equity | Not disclosed | $10,000 111c | ||
| F•••••••• I••• | warrants equity | Not disclosed | $9,000 75c | ||
| F•••••••• I•• | warrants equity | Not disclosed | $9,000 75c | ||
| W••• D••• I••• 2• | warrants equity | Not disclosed | $9,000 100c | ||
| F•••••••• I••• | warrants equity | Not disclosed | $9,000 75c | ||
| T••••••• G••• | warrants equity | Not disclosed | $9,000 100c | ||
| W••• D••• I•• 2• | warrants equity | Not disclosed | $9,000 100c | ||
| P••••• G•••• I•• | warrants equity | Not disclosed | $9,000 100c | ||
| R•••• N••••••• I••• | revolver lien unstated | $25,000 | $9,000 36c | S+575 bp | |
| W••• D••• I••• 2• | warrants equity | Not disclosed | $9,000 100c | ||
| R•••• N••••••• I•• | revolver lien unstated | $25,000 | $9,000 36c | S+575 bp | |
| T••••••• G••• | warrants equity | Not disclosed | $9,000 100c | ||
| P••••• G•••• I••• | warrants equity | Not disclosed | $9,000 100c | ||
| Z•••• I••••••••• I••• | warrants equity | Not disclosed | $9,000 100c | ||
| Q•••• C••••••• L••• | warrants equity | Not disclosed | $9,000 35c | ||
| Q•••• C••••••• L••• | warrants equity | Not disclosed | $9,000 35c | ||
| Q•••• C••••••• L•• | warrants equity | Not disclosed | $9,000 35c | ||
| P••••• G•••• I••• | warrants equity | Not disclosed | $9,000 100c | ||
| Z•••• I••••••••• I••• | warrants equity | Not disclosed | $9,000 100c | ||
| C•••••• C••••••••• | warrants equity | Not disclosed | $8,000 7c | ||
| D•••• G••• 1• | warrants equity | Not disclosed | $8,000 22c | ||
| C•••••••• I•• | warrants equity | Not disclosed | $8,000 42c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $8,000 42c | ||
| D•••• G••• 1• | warrants equity | Not disclosed | $8,000 22c | ||
| C•••••• C••••••••• | warrants equity | Not disclosed | $8,000 7c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $8,000 42c | ||
| C••••••• I•• | warrants equity | Not disclosed | $7,000 25c | ||
| T••••••••• I•• | warrants equity | Not disclosed | $7,000 100c | ||
| P••• E••••••• I•• | warrants equity | Not disclosed | $7,000 140c | ||
| C••••••• I••• | warrants equity | Not disclosed | $7,000 25c | ||
| D•••• R•• O••• I••• 2• | warrants equity | Not disclosed | $7,000 44c | ||
| L•••• H•••••• C•••••• | warrants equity | Not disclosed | $7,000 15c | ||
| D•••• R•• O••• I••• 2• | warrants equity | Not disclosed | $7,000 44c | ||
| P••• E••••••• I••• | warrants equity | Not disclosed | $7,000 140c | ||
| C••••••• I••• | warrants equity | Not disclosed | $7,000 25c | ||
| T••••••••• I••• | warrants equity | Not disclosed | $7,000 100c | ||
| T••••••••• I••• | warrants equity | Not disclosed | $7,000 100c | ||
| L•••• H•••••• C•••••• | warrants equity | Not disclosed | $7,000 15c | ||
| S•••••• H•••••• I••• | warrants equity | Not disclosed | $7,000 21c | ||
| S•••••• H•••••• I••• | warrants equity | Not disclosed | $7,000 21c | ||
| P••• E••••••• I••• | warrants equity | Not disclosed | $7,000 140c | ||
| D•••• R•• O••• I•• 2• | warrants equity | Not disclosed | $7,000 44c | ||
| T•• A•••••• C•••••• 2• | warrants equity | Not disclosed | $6,000 75c | ||
| S•••••• I••• | warrants equity | Not disclosed | $6,000 19c | ||
| D•••••••• I•• | warrants equity | Not disclosed | $6,000 100c | ||
| R•••• C•••••••• I••• 3• | warrants equity | Not disclosed | $6,000 86c | ||
| S•••••••• I••• | warrants equity | Not disclosed | $6,000 100c | ||
| D•••••••• I••• | warrants equity | Not disclosed | $6,000 100c | ||
| D•••• R•• O••• I••• 1• | warrants equity | Not disclosed | $6,000 43c | ||
| R•••• C•••••••• I••• 3• | warrants equity | Not disclosed | $6,000 86c | ||
| M•• | equity equity | Not disclosed | $6,000 1c | ||
| M•• I••••••••• L••• | warrants equity | Not disclosed | $6,000 40c | ||
| M•• I••••••••• L••• | warrants equity | Not disclosed | $6,000 40c | ||
| D•••• R•• O••• I••• 1• | warrants equity | Not disclosed | $6,000 43c | ||
| H•••••• I••• 2• | equity equity | Not disclosed | $6,000 4c | ||
| H•••••• I••• 1• | equity equity | Not disclosed | $6,000 4c | ||
| H••••• | equity equity | Not disclosed | $6,000 4c | ||
| J•••• S•••••••• I•• | equity equity | Not disclosed | $6,000 75c | ||
| E•••••••• S••••••••• I••• | unstated lien unstated | $18,000 | $6,000 33c | S+650 bp | |
| D•••••••• I••• | warrants equity | Not disclosed | $6,000 100c | ||
| S•••••• I••• | warrants equity | Not disclosed | $6,000 19c | ||
| S•••••••• I•• | warrants equity | Not disclosed | $6,000 100c | ||
| S•••••••• I••• | warrants equity | Not disclosed | $6,000 100c | ||
| H•••••• I••• 2• | equity equity | Not disclosed | $6,000 4c | ||
| J•••• S•••••••• I••• | equity equity | Not disclosed | $6,000 75c | ||
| J•••• S•••••••• I••• | equity equity | Not disclosed | $6,000 75c | ||
| H•••••• I•• 2• | equity equity | Not disclosed | $6,000 4c | ||
| M•• | equity equity | Not disclosed | $6,000 1c | ||
| H•••••• I••• 1• | equity equity | Not disclosed | $6,000 4c | ||
| E•••••••• S••••••••• I••• | unstated lien unstated | $18,000 | $6,000 33c | S+650 bp | |
| J•••• S•••••••• I•• | warrants equity | Not disclosed | $5,000 63c | ||
| M•• A••••••••• L•••••• | unstated lien unstated | $15,000 | $5,000 33c | 6.00% | |
| J•••• S•••••••• I••• | warrants equity | Not disclosed | $5,000 63c | ||
| D•••• H•••• I•• 2• E••••• I••••••••• | unstated lien unstated | Not disclosed | $5,000 100c | ||
| D•••• H•••• I••• 2• | equity equity | Not disclosed | $5,000 100c | ||
| O••••••• S•••••• I••• | warrants equity | Not disclosed | $5,000 100c | ||
| O••••••• S•••••• I••• | warrants equity | Not disclosed | $5,000 100c | ||
| D•••• H•••• I••• 2• | equity equity | Not disclosed | $5,000 100c | ||
| J•••• S•••••••• I••• | warrants equity | Not disclosed | $5,000 63c | ||
| M••••• I•• | warrants equity | Not disclosed | $4,000 6c | ||
| B•••• a•• W••• M•••• 2• L•••••• | warrants equity | Not disclosed | $4,000 44c | ||
| B•••• a•• W••• M•••• 2• L•••••• | warrants equity | Not disclosed | $4,000 44c | ||
| M••••• I••• | warrants equity | Not disclosed | $4,000 6c | ||
| A••••••• G••••• I••••••••• I••• | warrants equity | Not disclosed | $4,000 100c | ||
| A••••••• G••••• I••••••••• I••• | warrants equity | Not disclosed | $4,000 100c | ||
| T•••• I••••••••• I••• | warrants equity | Not disclosed | $4,000 16c | ||
| S••••• I•••••••• I••• | warrants equity | Not disclosed | $4,000 100c | ||
| T•••• I••••••••• I•• | warrants equity | Not disclosed | $4,000 16c | ||
| S••••• I•••••••• I••• | warrants equity | Not disclosed | $4,000 100c | ||
| T•••• I••••••••• I••• | warrants equity | Not disclosed | $4,000 16c | ||
| M••••• I••• | warrants equity | Not disclosed | $4,000 6c | ||
| R•••• C•••••••• I••• 2• | warrants equity | Not disclosed | $3,000 75c | ||
| E•••••••• S••••••••• I••• | unstated lien unstated | $11,000 | $3,000 27c | S+475 bp | |
| R•••• C•••••••• I••• 2• | warrants equity | Not disclosed | $3,000 75c | ||
| H•••••••• I••• | warrants equity | Not disclosed | $2,000 100c | ||
| C•••••• C••••••••• 1• | equity equity | Not disclosed | $2,000 15c |
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.