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 Mar 31, 2025

2,144 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
O•••• C••• a•• C••• E•••••••••	unstated lien unstated	Not disclosed	$3.1B 100c
B•••• E•••••• J• L•	equity equity	Not disclosed	$1.7B 96c
I•• G•••• H••••••• I••	revolver lien unstated	$1.6B	$1.6B 101c	S+500 bp	Dec 1, 2028
G••••••••• I•••	unstated lien unstated	$1.2B	$1.2B 101c	S+500 bp PIK 2.00%	Dec 16, 2030
M•••••••• B••••••••• I•••	delayed draw term loan lien unstated	$1.0B	$1.0B 102c	S+525 bp	May 18, 2029
I••••••• H•••••••• I•••	delayed draw term loan lien unstated	$1.0B	$1.0B 101c	S+575 bp	Nov 24, 2028
S•••• B•••• L••	unstated lien unstated	$941M	$941M 100c	S+518 bp	Oct 17, 2031
C•••••• L••••••• G••••• I•••	revolver lien unstated	$937M	$937M 100c	S+550 bp	Jul 20, 2028
Z••••••• I•••	unstated lien unstated	$932M	$929M 102c	S+500 bp	Nov 22, 2028
M•••••• I••••••••• C•	unstated lien unstated	$897M	$896M 101c	S+500 bp	Sep 14, 2029
U•••••• W•••••• H••••••••• L•	delayed draw term loan lien unstated	$876M	$876M 100c	S+525 bp	Jun 18, 2029
e••••••••• I•••	unstated lien unstated	$836M	$828M 100c	S+475 bp	Jan 19, 2032
S••••••••• I•••	unstated lien unstated	$835M	$820M 99c	S+575 bp	Oct 5, 2028
M•••••••• I•••	unstated lien unstated	$874M	$780M 90c	S+650 bp PIK 4.00%	Oct 29, 2028
W••• M••••• P•••••••• L••	unstated lien unstated	$713M	$706M 100c	S+475 bp	Nov 8, 2028
S••••• B••••• I•••	delayed draw term loan lien unstated	$707M	$674M 96c	S+600 bp	Jun 1, 2028
N••••• T•••• L••••••	unstated lien unstated	$679M	$625M 93c	S+600 bp PIK 1.50%	Nov 13, 2028
A•••••••• B•••• L••••••	delayed draw term loan lien unstated	$479M	$606M 106c	S+525 bp	Jun 28, 2029
T•••••••• B•••• L••••••	delayed draw term loan lien unstated	$592M	$592M 103c	S+525 bp PIK 2.00%	Jul 1, 2031
I• I••••••••• H•••••••• L••	revolver lien unstated	$577M	$577M 101c	S+500 bp	Sep 22, 2028
A•••••••• H•••••••• L••	unstated lien unstated	$577M	$577M 101c	S+500 bp	Aug 31, 2029
J•• H•••••••• I•••	delayed draw term loan lien unstated	$571M	$571M 101c	S+525 bp PIK 3.00%	Nov 8, 2031
P••• P•••• T••••••••• L••	unstated lien unstated	$544M	$544M 101c	S+525 bp	Mar 25, 2031
A••••••• I•••	revolver lien unstated	$536M	$536M 101c	S+500 bp	Jun 21, 2029
P•••••• I••••••••• H•••••••• L••	unstated lien unstated	$549M	$527M 97c	S+575 bp	Dec 15, 2027
D••••••••• I•••	unstated lien unstated	$525M	$523M 100c	S+450 bp	Dec 31, 2030
S•••• D••••••• L••	unstated lien unstated	$517M	$504M 99c	S+590 bp	Dec 23, 2028
B•••• P••••• H•••••••• I•••	unstated lien unstated	$499M	$499M 101c	S+500 bp	Nov 28, 2030
S•••••••• P•••••••• I••	unstated lien unstated	$502M	$499M 100c	S+500 bp	Oct 17, 2031
D•••••••• E••••••••• I•••	revolver lien unstated	$590M	$497M 85c	S+675 bp PIK 6.07%	Apr 9, 2029
C••••• B••••• I•••	delayed draw term loan lien unstated	$578M	$495M 87c	S+650 bp PIK 4.00%	Dec 21, 2028
N•••••••• A•••••••• I•••	delayed draw term loan lien unstated	$527M	$466M 89c	S+550 bp PIK 4.00%	Jul 16, 2030
S•••••••• B•••• G•••	revolver lien unstated	$681M	$465M 97c	S+550 bp	Feb 13, 2032
C••••• U• 1• I•••	revolver lien unstated	$441M	$441M 101c	S+500 bp	May 25, 2029
B••••••••• I•••	revolver lien unstated	$403M	$403M 100c	S+475 bp	May 7, 2029
G•••••• I•••	revolver lien unstated	$422M	$395M 95c	S+575 bp	Mar 9, 2029
A•••••• A••••••••• L•••	delayed draw term loan lien unstated	$393M	$385M 100c	S+500 bp	Sep 30, 2031
T•••••• P••••••• H•••••••• L••	delayed draw term loan lien unstated	$379M	$379M 101c	S+624 bp	Dec 21, 2028
G•••••• F•••••• I••	revolver lien unstated	$377M	$373M 101c	S+475 bp	Aug 5, 2030
C•••• I••••••••• L••	unstated lien unstated	$364M	$364M 102c	S+475 bp	Oct 1, 2029
S••••••••• L••	unstated lien unstated	$342M	$342M 103c	S+450 bp	Feb 6, 2032
S•••••• A••••••••• L••	unstated lien unstated	$341M	$339M 100c	S+500 bp PIK 2.25%	Oct 1, 2031
S•••••••• L•••••• C••••••• L••	unstated lien unstated	Not disclosed	$336M 97c
V••••• L•••• G•••	unstated lien unstated	$253M	$327M 102c	S+475 bp	Mar 14, 2029
D••••••• I•••	delayed draw term loan lien unstated	$333M	$326M 100c	S+638 bp	Dec 11, 2029
I•• N•• S•• 2• L••	delayed draw term loan lien unstated	$328M	$325M 101c	S+475 bp	Aug 8, 2030
B••••••• I••••••••• • L•	revolver lien unstated	$318M	$317M 100c	S+625 bp PIK 3.38%	Oct 1, 2028
C•••••• B•••• L••	delayed draw term loan lien unstated	$221M	$286M 102c	S+500 bp	Feb 1, 2029
G••••••••• I•••	unstated lien unstated	$286M	$285M 101c	S+500 bp	Dec 2, 2028
L••• G•••• I••	delayed draw term loan lien unstated	$281M	$280M 101c	S+475 bp	May 10, 2030
I•••••••• F•••••••• V•••••••• L••	unstated lien unstated	$272M	$267M 98c	S+550 bp	Apr 29, 2030
R••• P•••••• I•••	revolver lien unstated	$267M	$267M 101c	S+475 bp	Dec 20, 2030
S••••••• S••••• S•••••••• P••••••••• L••	unstated lien unstated	$268M	$265M 101c	S+500 bp	Jul 1, 2031
I•••••• M••••••• H••••••• S•• r••	unstated lien unstated	$236M	$256M 104c	S+525 bp	Apr 28, 2029
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$256M	$256M 101c	S+500 bp	Aug 25, 2028
G••••••••• S••••••• I•••	unstated lien unstated	$251M	$250M 101c	S+500 bp	Aug 28, 2030
C••••• U• 1• I•••	revolver lien unstated	$246M	$246M 100c	S+500 bp	May 25, 2029
A••••• B•••• G•••	delayed draw term loan lien unstated	$230M	$246M 97c	S+475 bp	Oct 1, 2031
A• A••••• U• B••••• I•••	delayed draw term loan lien unstated	$245M	$245M 101c	S+475 bp	Dec 21, 2028
S•••••• B••••• L••	unstated lien unstated	$244M	$242M 100c	S+475 bp	Dec 19, 2031
G••••• B•••••••• L••	unstated lien unstated	$241M	$241M 101c	S+450 bp	Sep 29, 2028
R•• H•••••••• L••	delayed draw term loan lien unstated	$269M	$240M 90c	S+575 bp	Dec 31, 2028
M•• S•••••••• L••	unstated lien unstated	$241M	$239M 100c	S+475 bp	Feb 10, 2027
J•• H•••••••• I•••	delayed draw term loan lien unstated	$239M	$239M 101c	S+525 bp PIK 3.00%	Nov 8, 2031
M••••••• H•••••••• L••	revolver lien unstated	$239M	$238M 101c	S+600 bp PIK 9.90%	Aug 19, 2027
A••••• P•••••• I•••	revolver lien unstated	$231M	$231M 101c	S+575 bp	Oct 29, 2027
S••••••• C••••• M••••••••• S•••••••• I•••	term loan lien unstated	$230M	$229M 101c	S+500 bp	Jul 31, 2032
E••••••••• L••	delayed draw term loan lien unstated	$231M	$229M 101c	S+627 bp	Jun 10, 2029
A•••••• H•••••••• I•••	unstated lien unstated	$229M	$229M 101c	S+475 bp	Jun 11, 2027
P•••• B•••••••• A••••••••• L••	delayed draw term loan lien unstated	$230M	$228M 100c	S+550 bp	Oct 1, 2028
C•• B•••••• L••	unstated lien unstated	$220M	$220M 102c	S+500 bp	Oct 2, 2030
P••• M•••••• L••	equity equity	Not disclosed	$219M 102c
O••• B•••••••• B••••• I•••	delayed draw term loan lien unstated	$219M	$219M 101c	S+475 bp	Dec 1, 2027
B•••••••• H••••••• L••	delayed draw term loan lien unstated	$218M	$218M 102c	S+500 bp	Oct 31, 2029
K••• B••••• L••	unstated lien unstated	$215M	$214M 100c	S+450 bp	Jul 23, 2031
S• A••••••••• I•••	revolver lien unstated	$213M	$213M 101c	S+475 bp	Apr 3, 2030
J•••••• B••••• L••	delayed draw term loan lien unstated	$224M	$213M 96c	S+500 bp	Oct 15, 2026
C•••••••• C•••••• H••••••• C••••	unstated lien unstated	$211M	$210M 101c	S+475 bp	Nov 16, 2029
D•• A••••••••• C••••	unstated lien unstated	$211M	$209M 100c	S+450 bp	Jun 13, 2031
C•••••• V••••• B••••	delayed draw term loan lien unstated	$258M	$208M 82c	S+575 bp	Feb 23, 2029
H••• S•••••• T•••• I• I••	unstated lien unstated	$208M	$208M 101c	S+450 bp	Dec 31, 2027
B••••• G•••• P•••••••• I••	unstated lien unstated	$207M	$207M 101c	S+525 bp	Apr 26, 2031
C• N••• H••••• L••	unstated lien unstated	$211M	$207M 100c	S+735 bp PIK 11.67%	Nov 26, 2029
A•••••••• R••• M••••••••• G•••• I••	unstated lien unstated	$199M	$199M 101c	S+475 bp	Nov 1, 2029
S••••••• C•••••• H•••••• L••	unstated lien unstated	$199M	$197M 100c	S+500 bp	May 1, 2031
T•••••••• B•••• L••••••	delayed draw term loan lien unstated	$151M	$195M 96c	S+525 bp PIK 2.00%	Jul 1, 2031
E•••••••• P•••• H•••••••• L••	delayed draw term loan lien unstated	$194M	$193M 101c	S+475 bp	Aug 17, 2030
M•••••••• I•••	unstated lien unstated	$216M	$193M 90c	S+650 bp PIK 4.00%	Oct 29, 2028
W•••• H••••••• A••••••••• L••	delayed draw term loan lien unstated	$191M	$190M 100c	S+550 bp PIK 3.00%	Jul 31, 2031
D••• D••• N••••••• C•••	unstated lien unstated	$190M	$188M 100c	S+500 bp	Nov 15, 2031
O••• B•••••••• B••••• I•••	delayed draw term loan lien unstated	$187M	$187M 101c	S+527 bp	Dec 1, 2027
N••••••• T••••••••• I••	unstated lien unstated	$187M	$187M 101c	S+495 bp PIK 2.45%	Aug 23, 2031
G•• C••••••••• B••••• L••	delayed draw term loan lien unstated	$191M	$186M 98c	S+550 bp	Sep 13, 2027
H••••••••• H•••••• C••••••• L••	term loan lien unstated	$186M	$186M 101c	S+625 bp PIK 3.00%	Nov 8, 2029
T••••••• U•• L••	unstated lien unstated	$182M	$182M 102c	S+600 bp	Jun 17, 2032
1••••••••• I•••	delayed draw term loan lien unstated	$261M	$181M 90c	S+500 bp	Aug 10, 2029
O•••• C••• a•• C••• E••••••••• E•••••• J• L•	unstated lien unstated	Not disclosed	$179M 100c
S••••••• S••••• H••••••••• S•••••••• L••	unstated lien unstated	$178M	$178M 101c	S+500 bp	Jan 2, 2029
B•••• T•••• A••••••• G•••• L•	unstated lien unstated	$176M	$176M 102c	S+475 bp	Jun 3, 2031
F••••••• D••••••••• H••••••• L••	delayed draw term loan lien unstated	$175M	$174M 100c	S+475 bp	Nov 4, 2031

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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.