DFX Intelligence

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B••••••••• P•••••• C••••• F•••

Business development companymanaged by B••••••••• P•••••• C••••• S••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by B••••••••• P•••••• C••••• S••••••••• L••, holding $87B across 964 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $87B
Borrowers: 964
Mark on cost: 96.6¢

Schedule of investments (2,411)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$2.41B
on non-accrual, 17 borrowers
17 borrowers on non-accrual, $2.41B principal; the largest is M•••••••• I•• ($1.17B).
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 M•••••••• I•• →
$49.4M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $49.4M principal: C•• G•••••• I•• ($49.4M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open C•• G•••••• I•• →
141 below 80¢
$5.68B principal
141 positions across 80 borrowers marked below 80¢ on cost, $5.68B principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
124 → 140
loans paying in kind
Loans paying in kind rose from 124 to 140 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
1034 → 964
borrowers
Lost a net 70 borrowers in the quarter to Jun 30, 2026, to 964.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1803498 · file 814-01358Show

Fair value

$87B

as of Jun 30, 2026

Principal held

$85B

debt pieces, the filer's figure

Cost

$90B

97c on cost, debt pieces

Unfunded

$20B

commitments not yet drawn

Positions

2,411

964 borrowers

First lien

not established

92% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

1,247

88 sponsors financed

Portfolio through time

Fair value by quarter end$87B as of Jun 30, 2026

Dec 31, 2021$36B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$87B	964	97c	140	434 bp
Mar 31, 2026	$91B	1,034	98c	124	435 bp
Dec 31, 2025	$94B	1,060	99c	137	440 bp
Sep 30, 2025	$86B	1,014	99c	113	446 bp

All 17 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$82B	983	99c	108	455 bp
Mar 31, 2025	$80B	948	99c	100	464 bp
Dec 31, 2024	$152B	921	99c	194	476 bp
Sep 30, 2024	$68B	832	99c	69	488 bp
Jun 30, 2024	$63B	786	99c	50	490 bp
Mar 31, 2024	$61B	711	99c	43	500 bp
Dec 31, 2023	$65B	700	99c	41	489 bp
Sep 30, 2023	$56B	639	99c	35	504 bp
Jun 30, 2023	$55B	627	98c	19	501 bp
Mar 31, 2023	$56B	571	98c	23	500 bp
Dec 31, 2022	$70B	897	98c	21	474 bp
Sep 30, 2022	$50B	606	98c	4	509 bp
Dec 31, 2021	$36B	470	100c	0	501 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

D••••••• I•• delayed draw term loan
2 BDCs hold it · matures Sep 9, 2030
$1.6B 100c
I•• G•••• H•••••••• I•• revolver
2 BDCs hold it · matures Dec 3, 2029
$1.6B 101c
I••••••• H•••••••• I•• delayed draw term loan
2 BDCs hold it · matures Nov 24, 2033
$1.3B 94c
G••••••••• I•• other
3 BDCs hold it · matures Dec 16, 2030
$1.2B 97c
M•••••••• I•• other
3 BDCs hold it · matures Oct 29, 2028
$1.2B 51c
M•••••••• B••••••••• I•• delayed draw term loan
2 BDCs hold it · matures May 18, 2029
$1.2B 102c
Z••••••• I•• revolver
3 BDCs hold it · matures Nov 22, 2028
$1.1B 99c
M••••••• F•••••••• delayed draw term loan
2 BDCs hold it · matures Sep 28, 2029
$1.1B 114c
L••• G••••• I•• delayed draw term loan
1 BDC hold it · matures May 10, 2030
$963M 101c
C•••••• L••••••• G••••• I•• revolver
2 BDCs hold it · matures Jul 20, 2028 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••
$958M 93c
T•••••••• B•••• L•••••• delayed draw term loan
2 BDCs hold it · matures Jul 1, 2031
$948M 99c
S•••• B•••• L•• other
3 BDCs hold it · matures Oct 17, 2031
$929M 100c

Schedule of investments at Dec 31, 2024

4,172 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
R••••••••• H•••••••• L••	delayed draw term loan lien unstated	$9.4M	$9.4M 100c	S+350 bp	Dec 16, 2027
R••••••••• H•••••••• L••• E•••••• J• L•	delayed draw term loan lien unstated	$9.4M	$9.4M 100c	S+350 bp	Dec 16, 2027
R•••• A••••••••• H•••••••• L••	delayed draw term loan lien unstated	$9.3M	$9.4M 100c	S+325 bp	Nov 19, 2031
R•••• A••••••••• H•••••••• L•• 1• E•••••• J• L•	delayed draw term loan lien unstated	$9.3M	$9.4M 100c	S+325 bp	Nov 19, 2031
M••••••• T••••••••• I••••••••• H•••••••• I•••	revolver lien unstated	$10.8M	$9.3M 87c	S+375 bp	Jul 31, 2026
M••••••• T••••••••• I••••••••• H•••••••• I•••	revolver lien unstated	$10.8M	$9.3M 87c	S+375 bp	Jul 31, 2026
A•••••• M••••••• C•	unstated lien unstated	$9.1M	$9.2M 101c	S+275 bp	Aug 17, 2028
A•••••• M••••••• C•	unstated lien unstated	$9.1M	$9.2M 101c	S+275 bp	Aug 17, 2028
W••••••••• L•• 2• E•••••• J• L•	unstated lien unstated	$9.1M	$9.2M 100c	S+250 bp	Aug 3, 2028
W••••••••• L••	unstated lien unstated	$9.1M	$9.2M 100c	S+250 bp	Aug 3, 2028
P•••••• R••• U••••••• P••••• C•••	unstated lien unstated	$9.1M	$9.2M 101c	S+300 bp	Mar 10, 2028
P•••••• L•••••• H•••••••• I•••	revolver lien unstated	$11.6M	$9.1M 78c	S+425 bp	Jul 20, 2027
P•••••• L•••••• H•••••••• I•••	revolver lien unstated	$11.6M	$9.1M 78c	S+425 bp	Jul 20, 2027
G••••••••• L••	delayed draw term loan lien unstated	$9.0M	$9.1M 100c	S+325 bp	Mar 14, 2031
G••••••••• L••	delayed draw term loan lien unstated	$9.0M	$9.1M 100c	S+325 bp	Mar 14, 2031
A••• L•• C•• L•• Structured finance (CLO)	unstated lien unstated	$9.0M	$9.0M 100c	S+535 bp	Jan 25, 2038
A••• L•• C•• L•• Structured finance (CLO)	unstated lien unstated	$9.0M	$9.0M 100c	S+535 bp	Jan 25, 2038
B•••••• C•••	unstated lien unstated	$9.5M	$9.0M 95c	S+325 bp	Oct 2, 2028
A••• L••• C••• L••• Structured finance (CLO)	unstated lien unstated	$9.0M	$9.0M 100c	S+676 bp	Jan 25, 2034
B•••••• C•••	unstated lien unstated	$9.5M	$9.0M 95c	S+325 bp	Oct 2, 2028
A••• L••• C••• L••• Structured finance (CLO)	unstated lien unstated	$9.0M	$9.0M 100c	S+676 bp	Jan 25, 2034
T•••••••• B•••• L••••••	delayed draw term loan lien unstated	$8.8M	$9.0M 98c	S+525 bp PIK 2.00%	Jul 1, 2031
T•••••••• B•••• L••••••	delayed draw term loan lien unstated	$8.8M	$9.0M 98c	S+525 bp PIK 2.00%	Jul 1, 2031
W•••••• H••••••• I•• L••	unstated lien unstated	$8.9M	$9.0M 101c	S+350 bp	Aug 1, 2030
W•••••• H••••••• I•• L••	unstated lien unstated	$8.9M	$9.0M 101c	S+350 bp	Aug 1, 2030
P•••••••• E••••••• H•••••• C••	revolver lien unstated	$10.8M	$9.0M 83c	S+600 bp PIK 5.00%	Jun 23, 2027
P•••••••• E••••••• H•••••• C••	revolver lien unstated	$10.8M	$9.0M 83c	S+600 bp PIK 5.00%	Jun 23, 2027
A•••• L••••••••• I•• S•• r•••	revolver lien unstated	$8.8M	$8.9M 101c	S+375 bp	Feb 28, 2029
A•••• L••••••••• I•• S•• r•••	revolver lien unstated	$8.8M	$8.9M 101c	S+375 bp	Feb 28, 2029
F••••••••• R••• P••••••• C••••	unstated lien unstated	$9.2M	$8.9M 100c	S+525 bp	Oct 29, 2030
F••••••••• R••• P••••••• C••••	unstated lien unstated	$9.2M	$8.9M 100c	S+525 bp	Oct 29, 2030
E•• G•••••• I•••• V•••••••• J• L•	unstated lien unstated	$8.8M	$8.9M 102c	S+325 bp	Aug 16, 2028
E•• G•••••• I•••	unstated lien unstated	$8.8M	$8.9M 102c	S+325 bp	Aug 16, 2028
U••• I•••	unstated lien unstated	$8.8M	$8.8M 100c	S+225 bp	Nov 22, 2029
U••• I•••	unstated lien unstated	$8.8M	$8.8M 100c	S+225 bp	Nov 22, 2029
C••••• C•• V•••• L••• Structured finance (CLO)	unstated lien unstated	$8.8M	$8.8M 102c	S+733 bp	Apr 21, 2034
C••••• C•• V•••• L••• Structured finance (CLO)	unstated lien unstated	$8.8M	$8.8M 102c	S+733 bp	Apr 21, 2034
I•• H•••••• H•••••• I•••	unstated lien unstated	$8.8M	$8.8M 102c	S+475 bp	Aug 20, 2031
I•• H•••••• H•••••• I•••	unstated lien unstated	$8.8M	$8.8M 102c	S+475 bp	Aug 20, 2031
S•• F•••• I•••	unstated lien unstated	$8.7M	$8.7M 101c	S+300 bp	Apr 5, 2029
S•• F•••• I•••	unstated lien unstated	$8.7M	$8.7M 101c	S+300 bp	Apr 5, 2029
O••••• G••••• R•••••••• I••	revolver lien unstated	$8.7M	$8.7M 102c	S+600 bp	Aug 17, 2027
O••••• G••••• R•••••••• I••	revolver lien unstated	$8.7M	$8.7M 102c	S+600 bp	Aug 17, 2027
P•• T• H•••••••• I•••	unstated lien unstated	$8.9M	$8.7M 100c	S+550 bp	Feb 3, 2031
P•• T• H•••••••• I•••	unstated lien unstated	$8.9M	$8.7M 100c	S+550 bp	Feb 3, 2031
F••••••••• E•••••••• G••••• I•••	unstated lien unstated	$8.9M	$8.7M 98c	S+375 bp	Aug 31, 2028
F••••••••• E•••••••• G••••• I•••	unstated lien unstated	$8.9M	$8.7M 98c	S+375 bp	Aug 31, 2028
D•••••••• P•••••••• C•••• E•••••• J• L•	unstated lien unstated	$8.6M	$8.6M 100c	S+438 bp	Oct 4, 2029
D•••••••• P•••••••• C•••	unstated lien unstated	$8.6M	$8.6M 100c	S+438 bp	Oct 4, 2029
A••• C•••••• I••••••••• H•••••••• L••	revolver lien unstated	$8.6M	$8.6M 101c	S+625 bp	May 7, 2027
A••• C•••••• I••••••••• H•••••••• L••	revolver lien unstated	$8.6M	$8.6M 101c	S+625 bp	May 7, 2027
C•• B••••• L••	unstated lien unstated	$9.3M	$8.5M 95c	S+550 bp	Nov 1, 2028
C•• B••••• L••	unstated lien unstated	$9.3M	$8.5M 95c	S+550 bp	Nov 1, 2028
A••••• C•• X•••• Structured finance (CLO)	unstated lien unstated	$8.5M	$8.5M 100c	S+621 bp	Jul 20, 2034
A••••• C•• X•••• Structured finance (CLO)	unstated lien unstated	$8.5M	$8.5M 100c	S+621 bp	Jul 20, 2034
C•••••• L•••••••• I•••	unstated lien unstated	$8.5M	$8.5M 101c	S+350 bp	Mar 22, 2031
P•• H••••••• I••• L••	unstated lien unstated	$8.6M	$8.5M 102c	S+1275 bp PIK 12.75%	Mar 27, 2034
C•••••• L•••••••• I•••	unstated lien unstated	$8.5M	$8.5M 101c	S+350 bp	Mar 22, 2031
P•• H••••••• I••• L••	unstated lien unstated	$8.6M	$8.5M 102c	S+1275 bp PIK 12.75%	Mar 27, 2034
G••••••••• S••••••• I•••	unstated lien unstated	$9.2M	$8.5M 102c	S+500 bp	Aug 28, 2030
G••••••••• S••••••• I•••	unstated lien unstated	$9.2M	$8.5M 102c	S+500 bp	Aug 28, 2030
A••••••• R••• S••• C• L••	delayed draw term loan lien unstated	$9.3M	$8.5M 91c	S+400 bp	Jun 9, 2028
A••••••• R••• S••• C• L••	delayed draw term loan lien unstated	$9.3M	$8.5M 91c	S+400 bp	Jun 9, 2028
B•••••• N••••••• U••• I•••	unstated lien unstated	$8.5M	$8.4M 101c	S+600 bp PIK 1.00%	Aug 8, 2028
B•••••• N••••••• U••• I•••	unstated lien unstated	$8.5M	$8.4M 101c	S+600 bp PIK 1.00%	Aug 8, 2028
W•••••• A••••••••• H•••••••• I•••	unstated lien unstated	$10.4M	$8.4M 81c	S+650 bp PIK 8.94%	Dec 29, 2026
W•••••• A••••••••• H•••••••• I•••• E•••••• J• L•	unstated lien unstated	$10.4M	$8.4M 81c	S+650 bp PIK 8.94%	Dec 29, 2026
G••• E•••••• B•••••••• L••	revolver lien unstated	$8.3M	$8.3M 103c	S+275 bp	Sep 5, 2031
G••• E•••••• B•••••••• L••• E•••••• J• L•	revolver lien unstated	$8.3M	$8.3M 103c	S+275 bp	Sep 5, 2031
V••• H•••••••• I•••	unstated lien unstated	$8.9M	$8.3M 93c	S+500 bp	Jan 21, 2029
V••• H•••••••• I•••	unstated lien unstated	$8.9M	$8.3M 93c	S+500 bp	Jan 21, 2029
V••• C•• 2•••••• L••• Structured finance (CLO)	unstated lien unstated	$8.3M	$8.3M 102c	S+697 bp	Jan 15, 2035
V••• C•• 2•••••• L••• Structured finance (CLO)	unstated lien unstated	$8.3M	$8.3M 102c	S+697 bp	Jan 15, 2035
E••••••• S•••••• H•••••••• L••	delayed draw term loan lien unstated	$8.6M	$8.3M 99c	S+625 bp	Jul 18, 2029
E••••••• S•••••• H•••••••• L••	delayed draw term loan lien unstated	$8.6M	$8.3M 99c	S+625 bp	Jul 18, 2029
G••••••• I•••	unstated lien unstated	$8.2M	$8.2M 100c	S+525 bp PIK 2.25%	Jan 17, 2031
G••••••• I•••	unstated lien unstated	$8.2M	$8.2M 100c	S+525 bp PIK 2.25%	Jan 17, 2031
P•••••• B•••• L••	delayed draw term loan lien unstated	$7.9M	$8.2M 97c	S+475 bp	Apr 18, 2031
P•••••• B•••• L••	delayed draw term loan lien unstated	$7.9M	$8.2M 97c	S+475 bp	Apr 18, 2031
B••••• G•••• P•••••••• I••	unstated lien unstated	$8.6M	$8.1M 104c	S+525 bp	Apr 26, 2031
B••••• G•••• P•••••••• I••	unstated lien unstated	$8.6M	$8.1M 104c	S+525 bp	Apr 26, 2031
N•••• H•••• U••• A••••••••• I••	unstated lien unstated	$8.3M	$8.1M 101c	S+500 bp	Oct 30, 2027
N•••• H•••• U••• A••••••••• I••	unstated lien unstated	$8.3M	$8.1M 101c	S+500 bp	Oct 30, 2027
C••••• C•• V••• L••• Structured finance (CLO)	unstated lien unstated	$8.0M	$8.1M 102c	S+701 bp	Oct 15, 2034
C••••• C•• V••• L••• Structured finance (CLO)	unstated lien unstated	$8.0M	$8.1M 102c	S+701 bp	Oct 15, 2034
C••• F•••••• 2•••••••• L•••	unstated lien unstated	$8.0M	$8.1M 101c	S+706 bp	Oct 16, 2034
C••• F•••••• 2•••••••• L•••	unstated lien unstated	$8.0M	$8.1M 101c	S+706 bp	Oct 16, 2034
C•••• I••••••••• I•••• E•••••• J• L•	unstated lien unstated	$8.0M	$8.0M 100c	S+250 bp	Mar 16, 2030
C•••• I••••••••• I•••	unstated lien unstated	$8.0M	$8.0M 100c	S+250 bp	Mar 16, 2030
P•••••••• A••••••••• C••••	delayed draw term loan lien unstated	$8.6M	$8.0M 94c	S+600 bp	Apr 1, 2027
P•••••••• A••••••••• C••••• E•••••• J• L•	delayed draw term loan lien unstated	$8.6M	$8.0M 94c	S+600 bp	Apr 1, 2027
T••••••• C•• I•• L••• Structured finance (CLO)	unstated lien unstated	$8.0M	$8.0M 100c	S+651 bp	Jul 21, 2034
T••••••• C•• I•• L••• Structured finance (CLO)	unstated lien unstated	$8.0M	$8.0M 100c	S+651 bp	Jul 21, 2034
T••••••• C•• I•• L••• Structured finance (CLO)	unstated lien unstated	$8.0M	$8.0M 100c	S+651 bp	Jul 21, 2034
S••• G••••• L•••••••• N••••••• L•• 2• E•••••• J• L•	revolver lien unstated	$8.0M	$8.0M 100c	S+500 bp PIK 5.00%	May 27, 2030
S••• G••••• L•••••••• N••••••• L••	revolver lien unstated	$8.0M	$8.0M 100c	S+500 bp PIK 5.00%	May 27, 2030
T•••• B••••••• P•••••••• L••	unstated lien unstated	$7.9M	$8.0M 100c	S+275 bp	Sep 20, 2030
T•••• B••••••• P•••••••• L••• E•••••• J• L•	unstated lien unstated	$7.9M	$8.0M 100c	S+275 bp	Sep 20, 2030
L••• H•••••••• I•••	unstated lien unstated	$7.9M	$8.0M 101c	S+450 bp	Dec 16, 2028
L••• H•••••••• I•••	unstated lien unstated	$7.9M	$8.0M 101c	S+450 bp	Dec 16, 2028

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Registration

Fiscal year end: 1231reported
Incorporated: unknownreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001803498-26-000048reported

Not yet on record: first lien.