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
M•••••••• I•••• E•••••• J• L•	unstated lien unstated	$52.1M	$42.9M 83c	S+650 bp PIK 4.00%	Oct 29, 2028
T•• F•••••••• P•••••••• I•••	revolver lien unstated	$45.3M	$42.6M 95c	S+575 bp	Mar 16, 2028
P•••••• 1• B•••• C••••	revolver lien unstated	$42.5M	$42.5M 101c	S+475 bp	Nov 20, 2030
L•••• P•••••• I•••	unstated lien unstated	$42.7M	$42.3M 100c	S+450 bp	Sep 26, 2032
N•••• M••••••• I•••	revolver lien unstated	$42.3M	$42.3M 104c	S+525 bp	Jul 20, 2029
K••••••• I••••••••• H••••••• I• I••• • P••••••••	preferred equity equity	Not disclosed	$42.0M 160c	S+1075 bp
C••••••••• B••••• I•••	unstated lien unstated	$41.5M	$41.5M 101c	S+450 bp	Apr 2, 2031
E••••••• F••••• L•••	delayed draw term loan lien unstated	$30.9M	$41.4M 108c	S+550 bp PIK 2.50%	Apr 29, 2031
T•• I••••••••• S•••••••• L••	delayed draw term loan lien unstated	$41.7M	$41.3M 100c	S+550 bp	Jul 9, 2027
G•• P••••••• H•••••• C•••••• I•• L••	unstated lien unstated	$41.2M	$41.2M 100c	S+500 bp	Mar 3, 2031
C•••••• H•••••••• L•• • S•••••	preferred equity equity	Not disclosed	$41.1M 143c	11.50%
A••••••• G•••• H•••••••• I•••	unstated lien unstated	$40.5M	$40.5M 100c	S+300 bp	Aug 2, 2028
E•• P••••••••• I•••	unstated lien unstated	$41.1M	$40.5M 100c	S+450 bp	Mar 12, 2032
S•••••••• B••••• G•••	revolver lien unstated	$33.9M	$40.1M 112c	S+350 bp	Dec 10, 2031
W• B•••••••• L••	unstated lien unstated	$39.9M	$40.0M 101c	S+475 bp	Feb 20, 2032
V••••• S••••••••• I•••	unstated lien unstated	$41.4M	$39.8M 96c	S+725 bp	Apr 23, 2029
C••••••••• L••	unstated lien unstated	$39.6M	$39.6M 100c	S+598 bp	May 3, 2028
C•••••••• I•••	unstated lien unstated	$40.2M	$39.6M 99c	S+275 bp	May 1, 2031
J•••••• B•••••• L••	unstated lien unstated	$43.5M	$39.6M 91c	S+600 bp	Feb 25, 2027
L•• A••••••••• L••	unstated lien unstated	$40.4M	$39.5M 99c	S+375 bp	May 31, 2031
K•••• A••••••••• I•••	unstated lien unstated	$46.1M	$39.5M 87c	S+550 bp	Oct 19, 2028
S•• H•••••• C•• I•••	unstated lien unstated	$39.5M	$39.5M 101c	S+550 bp	Sep 24, 2027
N•••• M•••• 3• L•••	unstated lien unstated	$39.2M	$39.1M 101c	S+475 bp	Jun 24, 2031
L••• H•••••••• I•••	equity equity	Not disclosed	$38.9M 577c
O•••• 1•••• G•••	delayed draw term loan lien unstated	$33.9M	$38.7M 109c	S+500 bp	Mar 24, 2032
T•••••••• A•••••••• I•••	delayed draw term loan lien unstated	$32.7M	$38.6M 109c	S+425 bp	Feb 21, 2031
T••••• L•••• I•••	revolver lien unstated	$43.2M	$38.6M 90c	S+575 bp	May 5, 2028
F••••••••• R••• P••••••• C••••	unstated lien unstated	$38.4M	$38.4M 101c	S+475 bp	Oct 29, 2030
G••••• M•••••• R•••••••• I•••• E•••••• J• L•	unstated lien unstated	$38.2M	$38.3M 100c	S+350 bp	Oct 1, 2032
F••••••• U••• I•••	unstated lien unstated	$38.4M	$38.3M 101c	S+400 bp	Sep 15, 2032
Y••••• C•••••• A•	delayed draw term loan lien unstated	$32.5M	$38.2M 117c	S+475 bp	Jul 9, 2029
P••• I••••••• H•••••• C••••	revolver lien unstated	$38.2M	$38.2M 100c	S+475 bp	Oct 17, 2029
A•••• G••••• I•••	delayed draw term loan lien unstated	$37.9M	$38.1M 101c	S+325 bp	May 30, 2032
O••••• A•	delayed draw term loan lien unstated	$28.1M	$37.8M 107c	S+550 bp	Dec 31, 2030
F•••• C••••• I•••	unstated lien unstated	$42.9M	$37.8M 88c	S+350 bp	Mar 2, 2028
R•• O•••• L••	delayed draw term loan lien unstated	$37.8M	$37.7M 101c	S+475 bp	Apr 4, 2031
P••••• I••••••••• H•••••••• I•••	delayed draw term loan lien unstated	$37.6M	$37.6M 101c	S+475 bp	Jun 2, 2029
T•••••• T•• H•••••••• I•••• E•••••• J• L•	delayed draw term loan lien unstated	$38.1M	$37.5M 100c	S+375 bp	Sep 15, 2028
R••••••••• O••• L••	revolver lien unstated	$37.6M	$37.5M 100c	S+450 bp	May 12, 2029
C•••• S••••••• G••••• I••• 1• E•••••• J• L•	unstated lien unstated	$37.1M	$37.3M 100c	S+325 bp	Mar 21, 2031
M•• D••••• S••••••••• L••	unstated lien unstated	$37.3M	$37.3M 101c	S+550 bp	Feb 13, 2031
J•• H•••••••• I•••• E•••••• J• L•	delayed draw term loan lien unstated	$37.1M	$37.1M 100c	S+525 bp PIK 3.00%	Nov 8, 2031
C••••••••• L••• E•••••• J• L•	unstated lien unstated	$36.9M	$36.9M 100c	S+598 bp	May 3, 2028
A• A••• M••••• S••• I•••	delayed draw term loan lien unstated	$36.7M	$36.8M 101c	S+300 bp	Jul 31, 2028
C•••• G•••••• I•••• E•••••• J• L•	unstated lien unstated	$40.7M	$36.4M 91c	S+1050 bp PIK 14.96%	Mar 7, 2030
H••••••• S••••••• S••••••••• L••	unstated lien unstated	$36.5M	$36.3M 100c	S+555 bp PIK 2.93%	Jun 14, 2031
M••••••• T••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$36.2M 117c	10.50%
a••••••••• I•••	delayed draw term loan lien unstated	$36.0M	$36.0M 100c	S+275 bp	Feb 15, 2029
C••••• U• 1• I•••	revolver lien unstated	$35.8M	$35.8M 101c	S+500 bp	May 25, 2029
M••••••• B••••• I•••	delayed draw term loan lien unstated	$35.7M	$35.7M 101c	S+800 bp	May 18, 2029
P••• R•••• H•••••••• I•••	unstated lien unstated	$35.3M	$35.4M 101c	S+325 bp	Dec 28, 2027
P••••• B••••• I•••	unstated lien unstated	$35.3M	$35.3M 102c	S+450 bp	Oct 17, 2029
M••••• B••••• L••	unstated lien unstated	$35.6M	$35.2M 101c	S+450 bp	Jul 1, 2031
M•••••• I••• L••	unstated lien unstated	$35.1M	$35.2M 101c	S+250 bp	Jun 21, 2028
A••••• T••••••••• I•••	delayed draw term loan lien unstated	$35.2M	$35.2M 100c	S+400 bp	May 8, 2030
P•••••• B•••• P••••••••• L••	unstated lien unstated	$35.2M	$35.1M 100c	S+275 bp	Jul 16, 2031
E•••••••• I•••	unstated lien unstated	$35.2M	$35.0M 101c	S+600 bp PIK 3.25%	Feb 24, 2028
X•••• T•• L••	unstated lien unstated	$34.6M	$34.7M 100c	S+350 bp	Jun 24, 2031
E••••••••• H•••••••• L••	unstated lien unstated	$34.6M	$34.6M 100c	S+500 bp	Jul 2, 2031
S••••••• C••••• M••••••••• S•••••••• I•••• E•••••• J• L•	term loan lien unstated	$34.4M	$34.4M 100c	S+250 bp	Jul 31, 2031
M•• S•••••••• L••	unstated lien unstated	$34.5M	$34.4M 100c	S+475 bp	Feb 10, 2027
A• A••• M••••• S••• I•••• E•••••• J• L•	delayed draw term loan lien unstated	$34.3M	$34.4M 100c	S+300 bp	Jul 31, 2028
C•••••••• I•••	unstated lien unstated	$34.8M	$34.3M 99c	S+375 bp	Oct 8, 2028
G•••• D•• I••••••••• L••	revolver lien unstated	$35.9M	$34.3M 97c	S+550 bp	Jun 13, 2030
A••••• W•••• S••••••••• I•••	delayed draw term loan lien unstated	$34.2M	$34.3M 100c	S+300 bp	May 17, 2028
C••••••••• O•••••••• I•••	unstated lien unstated	$34.2M	$34.2M 102c	S+600 bp	Oct 16, 2028
W••••••••• L••• E•••••• J• L•	unstated lien unstated	$33.9M	$34.0M 100c	S+250 bp	Aug 3, 2028
C•••••• L••••••• G••••• I•••• E•••••• J• L•	revolver lien unstated	$34.0M	$33.8M 99c	S+550 bp	Jul 20, 2028
C••••• M••••••••• B•••••••• L••	revolver lien unstated	$33.7M	$33.7M 101c	S+550 bp	Nov 5, 2029
T••••••• U•• L••	unstated lien unstated	$33.5M	$33.5M 100c	S+300 bp	Jun 18, 2029
C•••••••• C•••••• H••••••• C••••	unstated lien unstated	$33.3M	$33.3M 101c	S+475 bp	Nov 16, 2029
B••••• S••••••• H•••••••• L••	unstated lien unstated	$33.5M	$33.3M 100c	S+525 bp	Jan 2, 2031
E•••••••• T••••••••• C••••	revolver lien unstated	$33.2M	$33.2M 101c	S+525 bp	Aug 13, 2029
F••••••• L•• I••••••••• L•••	unstated lien unstated	$33.1M	$33.2M 100c	S+325 bp	Dec 21, 2028
C••• • C••• P••••••• L••• E•••••• J• L•	unstated lien unstated	$36.5M	$33.1M 93c	S+375 bp	Dec 29, 2028
D•• I••••••••• I•• L•••	unstated lien unstated	$33.0M	$33.0M 100c	S+1150 bp	Sep 27, 2030
E•••• M•••••••• C••••• F••••••• I•••	unstated lien unstated	$32.8M	$32.8M 101c	S+525 bp	Aug 15, 2028
T••••••••• P•••••••• I••• I•••	revolver lien unstated	$32.8M	$32.8M 101c	S+725 bp	Aug 31, 2029
C••••• H••••••• C••••	revolver lien unstated	$33.3M	$32.6M 98c	S+575 bp	Dec 8, 2028
S•••••• C••••••• P•••••• L••	revolver lien unstated	$39.3M	$32.3M 83c	S+375 bp	May 12, 2028
C••••• H•••••••• I•••	term loan lien unstated	$32.1M	$32.1M 100c	S+525 bp	Dec 27, 2027
L•• G•••• H•••••••• I•••	revolver lien unstated	$32.4M	$32.0M 101c	S+600 bp	Mar 15, 2031
A••••••• I•••• E•••••• J• L•	revolver lien unstated	$32.0M	$32.0M 101c	S+275 bp	Mar 26, 2032
C••••• U• 1• I•••	revolver lien unstated	$31.8M	$31.8M 102c	S+500 bp	May 25, 2029
N•••••• D•••••• H••••••• G••••• I•••	unstated lien unstated	$43.8M	$31.8M 73c	S+350 bp	Feb 10, 2028
M•••••• I••• L•• 1• E•••••• J• L•	unstated lien unstated	$31.3M	$31.4M 100c	S+250 bp	Jun 21, 2028
Y••••• C•••••• A•	delayed draw term loan lien unstated	$26.7M	$31.4M 113c	S+475 bp	Jul 6, 2029
C••••••••• A••••••••• H•••••••• I••• 1• E•••••• J• L•	delayed draw term loan lien unstated	$31.3M	$31.3M 100c	S+318 bp	Apr 13, 2029
S••••••• V••••••••• P•••••••• L••• E•••••• J• L•	unstated lien unstated	$31.3M	$31.3M 100c	S+250 bp	Dec 4, 2031
S••••••• P•••••• I•••	delayed draw term loan lien unstated	$31.2M	$31.2M 100c	S+550 bp	Mar 11, 2027
S•••••• L••	unstated lien unstated	$32.2M	$31.1M 97c	S+400 bp	Jun 2, 2028
I•• T•••••• F••••••• L•••• E•••••• J• L•	unstated lien unstated	$31.1M	$31.1M 100c	S+350 bp	Apr 1, 2028
G•••••••• I•••	unstated lien unstated	$30.9M	$30.9M 101c	S+575 bp PIK 2.25%	Jan 17, 2031
P••• I••••••••• L••• E•••••• J• L•	unstated lien unstated	$30.8M	$30.8M 100c	S+550 bp	Mar 9, 2028
H••••••• S••••••• S••••••••• L••	unstated lien unstated	$30.8M	$30.7M 100c	S+555 bp PIK 2.93%	Jun 14, 2031
R•••• M••••• S••• I•••	unstated lien unstated	$30.7M	$30.7M 100c	S+475 bp	Oct 31, 2029
E• G•••• H••••••• I••• L•••	unstated lien unstated	$30.9M	$30.6M 91c	S+575 bp	Apr 23, 2028
A•••• B••••• L••• E•••••• J• L•	unstated lien unstated	$30.6M	$30.6M 100c	S+250 bp	Sep 23, 2031
J•••••• B••••• I•••• E•••••• J• L•	unstated lien unstated	$30.4M	$30.4M 99c	S+275 bp	Dec 5, 2031
C• T••••••••• I••••••••• H•••••••• I•••	unstated lien unstated	$30.4M	$30.4M 101c	S+475 bp	Aug 30, 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.