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 Sep 30, 2025

2,383 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
O•••• C••• a•• C••• E•••••••••	unstated lien unstated	Not disclosed	$1.9B 100c
B•••• E•••••• J• L•	equity equity	Not disclosed	$1.7B 95c
I•• G•••• H•••••••• I•••	revolver lien unstated	$1.6B	$1.6B 101c	S+450 bp	Dec 1, 2029
G••••••••• I•••	unstated lien unstated	$1.3B	$1.3B 101c	S+500 bp PIK 2.00%	Dec 16, 2030
I••••••• H•••••••• I•••	delayed draw term loan lien unstated	$1.1B	$1.1B 101c	S+550 bp PIK 2.75%	Nov 24, 2028
M•••••••• B••••••••• I•••	delayed draw term loan lien unstated	$1.0B	$1.0B 101c	S+450 bp	May 18, 2029
Z••••••• I•••	unstated lien unstated	$992M	$989M 101c	S+500 bp	Nov 22, 2028
S•••• B••••• L•••	unstated lien unstated	$936M	$936M 100c	S+518 bp	Oct 17, 2031
C•••••• L••••••• G••••• I•••	revolver lien unstated	$932M	$927M 100c	S+550 bp	Jul 20, 2028
M•••••• I••••••••• C•	unstated lien unstated	$888M	$888M 101c	S+500 bp	Sep 14, 2029
U•••••• W•••••• H••••••••• L•	unstated lien unstated	$872M	$872M 100c	S+500 bp	Jun 18, 2029
e••••••••• I•••	unstated lien unstated	$825M	$825M 101c	S+475 bp	Jan 19, 2032
A••••••• I•••	unstated lien unstated	$835M	$820M 99c	S+575 bp	Oct 5, 2028
M•••••••• I•••	unstated lien unstated	$892M	$734M 83c	S+650 bp PIK 4.00%	Oct 29, 2028
W••• M••••• P•••••••• L••	unstated lien unstated	$710M	$703M 100c	S+475 bp	Nov 8, 2028
S••••• B••••• I•••	delayed draw term loan lien unstated	$717M	$687M 96c	S+650 bp PIK 5.50%	Jun 1, 2028
P••• A••••• L•• P•••• I• I••••••••• C••••••• L••	equity equity	Not disclosed	$666M 100c	PIK 7.60%
A•••••••• B••••• L••••••	delayed draw term loan lien unstated	$479M	$631M 110c	S+525 bp	Jun 28, 2029
T•••• H•••••••• L••	unstated lien unstated	$636M	$629M 100c	S+475 bp	Jul 31, 2032
A••••••• I•••	revolver lien unstated	$629M	$628M 101c	S+450 bp	Jun 21, 2029
S•••••••• P••••••••• I•••	unstated lien unstated	$626M	$625M 100c	S+592 bp	Oct 17, 2031
N••••• T••••• L••••••	unstated lien unstated	$681M	$618M 92c	S+600 bp PIK 1.50%	Nov 13, 2028
J•• H•••••••• I•••	delayed draw term loan lien unstated	$580M	$579M 101c	S+525 bp PIK 3.00%	Nov 8, 2031
I• I••••••••• H•••••••• L••	revolver lien unstated	$579M	$579M 101c	S+500 bp	Sep 22, 2028
A•••••••• H•••••••• L••	unstated lien unstated	$574M	$574M 101c	S+500 bp	Aug 31, 2029
T•••••••• B••••• L••••••	delayed draw term loan lien unstated	$556M	$556M 102c	S+525 bp PIK 2.00%	Jul 1, 2031
P••• P•••• T••••••••• L••	unstated lien unstated	$541M	$541M 101c	S+525 bp	Mar 25, 2031
D••••••••• I•••	delayed draw term loan lien unstated	$525M	$525M 100c	S+450 bp	Dec 31, 2030
D•••••••• E••••••••• I•••	revolver lien unstated	$605M	$506M 84c	S+675 bp PIK 5.99%	Apr 9, 2029
S•••• D••••••• L••	revolver lien unstated	$514M	$499M 98c	S+590 bp	Dec 23, 2028
B•••• P••••• H•••••••• I•••	revolver lien unstated	$496M	$496M 101c	S+500 bp	Nov 28, 2030
C••••• B••••• I•••	delayed draw term loan lien unstated	$590M	$492M 84c	S+650 bp PIK 4.00%	Dec 21, 2028
S•••••••• B••••• G•••	revolver lien unstated	$681M	$484M 101c	S+550 bp	Feb 13, 2032
N•••••••• A•••••••• I•••	delayed draw term loan lien unstated	$535M	$473M 89c	S+550 bp PIK 4.00%	Jul 16, 2030
E••••••••• L••	delayed draw term loan lien unstated	$452M	$451M 101c	S+450 bp	Aug 15, 2032
D••••••• I•••	delayed draw term loan lien unstated	$456M	$447M 100c	S+566 bp	Dec 11, 2029
P•••••• I••••••••• H•••••••• L••	unstated lien unstated	$546M	$446M 82c	S+575 bp	Dec 15, 2027
A•••••• A••••••••• L•••	delayed draw term loan lien unstated	$447M	$446M 101c	S+450 bp	Sep 30, 2031
C••••• U• 1• I•••	revolver lien unstated	$439M	$439M 101c	S+500 bp	May 25, 2029
T•••••• P••••••• H•••••••• L••	delayed draw term loan lien unstated	$418M	$418M 101c	S+549 bp	Dec 31, 2030
B••••••••• I•••	revolver lien unstated	$403M	$403M 100c	S+450 bp	May 7, 2029
G••••••• I•••	revolver lien unstated	$420M	$389M 94c	S+575 bp	Mar 9, 2029
S•••••••• L•••••• C••••••• L••	unstated lien unstated	Not disclosed	$376M 101c
G•••••• F••••••• I•••	revolver lien unstated	$375M	$372M 101c	S+475 bp	Aug 5, 2030
C•••• I••••••••• L••	unstated lien unstated	$362M	$362M 101c	S+475 bp	Oct 1, 2029
J•• I•• I•••	unstated lien unstated	$354M	$352M 100c	S+450 bp	Sep 30, 2032
S•••••• A••••••••• L••	unstated lien unstated	$344M	$344M 101c	S+500 bp PIK 2.25%	Oct 1, 2031
S••••••••• L••	revolver lien unstated	$341M	$343M 103c	S+450 bp	Feb 6, 2032
I•• N•• S•• 2• L••	delayed draw term loan lien unstated	$326M	$326M 101c	S+450 bp	Aug 8, 2030
B••••••• I••••••••• •• L•	revolver lien unstated	$324M	$324M 100c	S+550 bp PIK 3.00%	Oct 1, 2028
V••••• L••••• G•••	unstated lien unstated	$253M	$311M 97c	S+475 bp	Mar 14, 2029
C•••••• B••••• L•••	delayed draw term loan lien unstated	$221M	$298M 106c	S+500 bp	Feb 1, 2029
S••••••• S••••• S•••••••• P••••••••• L••	unstated lien unstated	$286M	$286M 101c	S+450 bp	Jul 1, 2031
B••••• G•••• P••••••••• I•••	unstated lien unstated	$282M	$282M 101c	S+475 bp	Apr 26, 2031
L••• G••••• I•••	delayed draw term loan lien unstated	$281M	$280M 101c	S+425 bp	May 10, 2030
I•••••• M••••••• H••••••• S•• r••	unstated lien unstated	$236M	$278M 113c	S+525 bp	Apr 28, 2029
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	$280M	$276M 100c	S+450 bp	Jun 3, 2031
S•••••• B••••• L••	unstated lien unstated	$277M	$275M 100c	S+475 bp	Dec 19, 2031
I•••••••• F•••••••• V•••••••• L••	unstated lien unstated	$276M	$271M 98c	S+550 bp	Apr 29, 2030
A••••• B••••• G•••	delayed draw term loan lien unstated	$230M	$269M 107c	S+450 bp	Sep 30, 2031
R••• P•••••• I•••	revolver lien unstated	$266M	$265M 101c	S+475 bp	Dec 20, 2030
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$266M	$265M 100c	S+500 bp	Aug 25, 2028
E•••••••• P•••• H•••••••• L••	delayed draw term loan lien unstated	$254M	$254M 101c	S+475 bp	Aug 17, 2031
S•••• B••••• S•••	unstated lien unstated	$210M	$245M 100c	S+450 bp	Aug 29, 2032
A• A••••• U• B••••• I•••	delayed draw term loan lien unstated	$245M	$245M 101c	S+475 bp	Dec 21, 2028
G••••••••• S••••••• I•••	unstated lien unstated	$250M	$245M 99c	S+500 bp	Aug 28, 2030
C••••• U• 1• I•••	revolver lien unstated	$245M	$245M 100c	S+500 bp	May 25, 2029
J•• H•••••••• I•••	delayed draw term loan lien unstated	$243M	$243M 101c	S+525 bp PIK 3.00%	Nov 8, 2031
M••••••• H•••••••• L••	unstated lien unstated	$240M	$240M 101c	S+600 bp PIK 5.50%	Aug 19, 2027
R•• H•••••••• L••	delayed draw term loan lien unstated	$268M	$240M 90c	S+575 bp	Dec 31, 2028
G••••• B•••••••• L••	unstated lien unstated	$240M	$240M 101c	S+450 bp	Sep 29, 2028
S••••••• C••••• M••••••••• S•••••••• I•••• 1•	term loan lien unstated	$230M	$230M 101c	S+500 bp	Jul 31, 2032
D•• A••••••••• C••••	unstated lien unstated	$233M	$230M 100c	S+500 bp	Jun 13, 2031
A•••••• H•••••••• I•••	unstated lien unstated	$228M	$228M 101c	S+475 bp	Jun 11, 2027
A••••• P•••••• I•••	unstated lien unstated	$228M	$228M 101c	S+525 bp	Oct 29, 2030
P••• M••••• H•••••••• L••	equity equity	Not disclosed	$225M 105c
C• N••• H•••••• L••	unstated lien unstated	$224M	$219M 100c	S+735 bp PIK 11.55%	Nov 26, 2029
C•• B•••••• L••	revolver lien unstated	$218M	$218M 102c	S+500 bp	Oct 2, 2030
O••• B•••••••• B••••• I•••	delayed draw term loan lien unstated	$218M	$218M 101c	S+475 bp	Dec 1, 2027
B•••••••• H•••••••• L••	delayed draw term loan lien unstated	$217M	$217M 101c	S+500 bp	Oct 31, 2029
J•••••• B••••• L••	delayed draw term loan lien unstated	$224M	$217M 97c	S+500 bp	Oct 15, 2026
C•••••••• C•••••• H••••••• C••••	unstated lien unstated	$213M	$213M 101c	S+475 bp	Nov 16, 2029
K••• B••••• L••	unstated lien unstated	$214M	$212M 100c	S+450 bp	Jul 23, 2031
H••• S•••••• T•••• I•• I•••	revolver lien unstated	$207M	$207M 101c	S+450 bp	Dec 31, 2027
C•••••• V••••• B••••	delayed draw term loan lien unstated	$258M	$207M 81c	S+575 bp	Feb 23, 2029
S• A••••••••• I•••	revolver lien unstated	$206M	$206M 101c	S+475 bp	Apr 3, 2030
T•••••••• B••••• L••••••	delayed draw term loan lien unstated	$152M	$205M 100c	S+525 bp PIK 2.00%	Jul 1, 2031
M•• S•••••••• L••	unstated lien unstated	$205M	$205M 100c	S+475 bp	Feb 10, 2027
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	$202M	$202M 101c	S+475 bp	Jun 3, 2031
S••••••• C•••••• H•••••• L••	unstated lien unstated	$198M	$196M 100c	S+500 bp	May 1, 2031
B••••••••• T••••••••• I•••	unstated lien unstated	$194M	$194M 100c	S+450 bp	Mar 11, 2032
B••••••••• P•••••• R••• E••••• C••••• a•• I••••• F•••	equity equity	Not disclosed	$193M 101c
W•••• H••••••• A••••••••• L••	delayed draw term loan lien unstated	$192M	$192M 101c	S+525 bp PIK 2.75%	Jul 31, 2031
N••••••• T••••••••• I•••	unstated lien unstated	$190M	$190M 101c	S+495 bp PIK 2.45%	Aug 23, 2031
D••• D••• N••••••• C••••	unstated lien unstated	$189M	$189M 101c	S+475 bp	Nov 15, 2031
S•••• S••••• I••••••••• U••• G••••••••• M•••• M••••• F••• •	unstated lien unstated	Not disclosed	$188M 100c	4.09%
O••• B•••••••• B••••• I•••	delayed draw term loan lien unstated	$187M	$187M 101c	S+527 bp	Dec 1, 2027
F•••••• S•••••••• L••	revolver lien unstated	$187M	$187M 100c	S+475 bp	Aug 15, 2032
1••••••••• I•••	delayed draw term loan lien unstated	$259M	$186M 93c	S+500 bp	Aug 10, 2029
G•• C••••••••• B••••• L••	delayed draw term loan lien unstated	$190M	$185M 98c	S+550 bp	Sep 13, 2027

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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.