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, 2025

2,603 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 92c
I•• G•••• H•••••••• I•••	revolver lien unstated	$1.6B	$1.6B 101c	S+425 bp	Dec 1, 2029
G••••••••• I•••	unstated lien unstated	$1.3B	$1.3B 101c	S+475 bp	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
P••• A••••• L•• P•••• I• I••••••••• C••••••• L••	equity equity	Not disclosed	$1.1B 100c	PIK 7.60%
Z••••••• I•••	unstated lien unstated	$1.1B	$1.1B 101c	S+500 bp	Nov 22, 2028
M•••••••• B••••••••• I•••	delayed draw term loan lien unstated	$1.0B	$1.0B 101c	S+450 bp	May 18, 2029
S•••• B••••• L•••	unstated lien unstated	$934M	$934M 100c	S+518 bp	Oct 17, 2031
C•••••• L••••••• G••••• I•••	revolver lien unstated	$929M	$904M 98c	S+550 bp	Jul 20, 2028
M•••••• I••••••••• C•	unstated lien unstated	$886M	$886M 101c	S+450 bp	Sep 14, 2029
U•••••• W•••••• H••••••••• L•	unstated lien unstated	$869M	$869M 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	$822M 99c	S+575 bp	Oct 5, 2028
D••••••• I•••	delayed draw term loan lien unstated	$747M	$737M 100c	S+491 bp	Dec 11, 2029
V•••••• P••••••••• L••	unstated lien unstated	$722M	$720M 100c	S+450 bp	Dec 23, 2032
W••• M••••• P•••••••• L••	revolver lien unstated	$708M	$701M 100c	S+475 bp	Nov 8, 2028
M•••••••• I•••	unstated lien unstated	$899M	$699M 78c	S+600 bp	Oct 29, 2028
S••••• B••••• I•••	delayed draw term loan lien unstated	$727M	$696M 96c	S+650 bp PIK 5.50%	Jun 1, 2028
I•• N•• S•• 2• L••	delayed draw term loan lien unstated	$647M	$643M 100c	S+450 bp	Dec 3, 2031
T•••• H•••••••• L••	unstated lien unstated	$636M	$635M 101c	S+475 bp	Jul 31, 2032
A•••••••• B••••• L••••••	delayed draw term loan lien unstated	$479M	$633M 110c	S+525 bp	Jun 28, 2029
A••••••• I•••	revolver lien unstated	$627M	$626M 101c	S+450 bp	Jun 21, 2029
S•••••••• P••••••••• I•••	unstated lien unstated	$624M	$623M 100c	S+467 bp	Oct 17, 2031
N••••• T••••• L••••••	unstated lien unstated	$681M	$606M 90c	S+600 bp PIK 1.50%	Nov 13, 2028
J•• H•••••••• I•••	delayed draw term loan lien unstated	$584M	$584M 101c	S+500 bp PIK 2.75%	Nov 8, 2031
I• I••••••••• H•••••••• L••	revolver lien unstated	$577M	$577M 101c	S+500 bp	Sep 22, 2028
A•••••••• H•••••••• L••	unstated lien unstated	$573M	$570M 100c	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
D••••••••• I•••	delayed draw term loan lien unstated	$525M	$525M 100c	S+450 bp	Jan 3, 2031
D•••••••• E••••••••• I•••	revolver lien unstated	$612M	$510M 84c	S+675 bp PIK 5.85%	Apr 9, 2029
S•••• P••••• H••••••• C••••	unstated lien unstated	$502M	$499M 100c	S+450 bp	Dec 16, 2032
S•••• D••••••• L••	revolver lien unstated	$513M	$497M 98c	S+590 bp	Dec 23, 2028
B•••• P••••• H•••••••• I•••	revolver lien unstated	$495M	$495M 101c	S+425 bp	Nov 28, 2030
S•••••••• B••••• G•••	revolver lien unstated	$681M	$491M 103c	S+550 bp	Feb 13, 2032
C••••• B••••• I•••	delayed draw term loan lien unstated	$596M	$479M 81c	S+650 bp PIK 4.00%	Dec 21, 2028
N•••••••• A•••••••• I•••	delayed draw term loan lien unstated	$540M	$458M 85c	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
A•••••• A••••••••• L•••	delayed draw term loan lien unstated	$447M	$446M 101c	S+475 bp	Sep 30, 2031
L••• G••••• I•••	delayed draw term loan lien unstated	$445M	$445M 102c	S+425 bp	May 10, 2030
C••••• U• 1• I•••	revolver lien unstated	$438M	$438M 101c	S+500 bp	May 25, 2029
B••••••••• P•••••• R••• E••••• C••••• a•• I••••• F•••	equity equity	Not disclosed	$431M 102c
T•••••• P••••••• H•••••••• L••	delayed draw term loan lien unstated	$417M	$417M 101c	S+524 bp	Dec 31, 2030
G••••••• I•••	revolver lien unstated	$418M	$408M 98c	S+575 bp	Mar 9, 2029
S•••••• F•••••• O••• L•••	unstated lien unstated	$413M	$408M 100c	S+475 bp	Oct 16, 2031
B••••••••• I•••	revolver lien unstated	$403M	$403M 100c	S+450 bp	May 7, 2029
S•••••••• L•••••• C••••••• L•• • L•• I•••••••	unstated lien unstated	Not disclosed	$381M 102c
G•••••• F••••••• I•••	revolver lien unstated	$374M	$371M 101c	S+475 bp	Aug 5, 2030
C•••• I••••••••• L••	unstated lien unstated	$361M	$361M 101c	S+475 bp	Oct 4, 2029
M••••••• B••••• I•••	delayed draw term loan lien unstated	$353M	$352M 100c	S+475 bp	Dec 2, 2031
J•• I•• I•••	unstated lien unstated	$354M	$352M 100c	S+450 bp	Sep 30, 2032
S•••••• A••••••••• L••	unstated lien unstated	$348M	$348M 101c	S+475 bp PIK 2.25%	Oct 1, 2031
S••••••••• L••	revolver lien unstated	$340M	$337M 101c	S+450 bp	Feb 6, 2032
B••••••• I••••••••• •• L•	revolver lien unstated	$327M	$327M 100c	S+550 bp PIK 3.00%	Oct 2, 2028
J••••••• H•••••••• L••	unstated lien unstated	$328M	$325M 100c	S+475 bp	Nov 1, 2032
V••••• L••••• G•••	unstated lien unstated	$253M	$306M 95c	S+475 bp	Mar 14, 2029
S•••• S••••• I••••••••• U••• G••••••••• M•••• M••••• F••• •	unstated lien unstated	Not disclosed	$306M 100c	3.74%
C•••••• B••••• L•••	delayed draw term loan lien unstated	$221M	$298M 106c	S+500 bp	Feb 1, 2029
S•••• P•••• S•••••••• L••	unstated lien unstated	$290M	$290M 100c	S+550 bp	Oct 21, 2031
S••••••• S••••• S•••••••• P••••••••• L••	unstated lien unstated	$289M	$289M 102c	S+450 bp	Jul 1, 2031
A••••• B••••• G•••	delayed draw term loan lien unstated	$243M	$286M 107c	S+450 bp	Sep 30, 2031
S•••••• B••••• L••	unstated lien unstated	$288M	$285M 100c	S+475 bp	Dec 19, 2031
B••••• G•••• P••••••••• I•••	unstated lien unstated	$281M	$281M 101c	S+475 bp	Apr 26, 2031
L••• G••••• I•••	delayed draw term loan lien unstated	$281M	$281M 101c	S+425 bp	May 10, 2030
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	$280M	$279M 101c	S+425 bp	Jun 3, 2031
I•••••• M••••••• H••••••• S•• r••	unstated lien unstated	$236M	$278M 113c	S+525 bp	Apr 28, 2029
P••• E••••••• C••••	unstated lien unstated	$276M	$274M 100c	S+450 bp	Dec 19, 2032
P••• E••••••• C••••	unstated lien unstated	$276M	$274M 100c	S+450 bp	Dec 19, 2032
I•••••••• F•••••••• V•••••••• L••	unstated lien unstated	$278M	$273M 98c	S+550 bp	Apr 29, 2030
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$266M	$266M 101c	S+500 bp	Aug 25, 2028
R••• P•••••• I•••	revolver lien unstated	$265M	$263M 100c	S+500 bp	Dec 20, 2030
E•••••••• P•••• H•••••••• L••	delayed draw term loan lien unstated	$253M	$253M 101c	S+475 bp	Aug 17, 2031
C•••••••• C•••••• H••••••• C••••	unstated lien unstated	$251M	$251M 101c	S+475 bp	Nov 16, 2029
R•• H•••••••• L••	delayed draw term loan lien unstated	$267M	$249M 94c	S+575 bp	Dec 31, 2028
S•••• B••••• S•••	delayed draw term loan lien unstated	$210M	$246M 101c	S+450 bp	Aug 27, 2032
A• A••••• U• B••••• I•••	delayed draw term loan lien unstated	$245M	$245M 101c	S+475 bp	Dec 21, 2028
J•• H•••••••• I•••	delayed draw term loan lien unstated	$244M	$244M 101c	S+500 bp PIK 2.75%	Nov 8, 2031
C••••• U• 1• I•••	revolver lien unstated	$244M	$244M 100c	S+500 bp	May 25, 2029
G••••••••• S••••••• I•••	unstated lien unstated	$250M	$243M 98c	S+500 bp	Aug 28, 2030
G••••• B•••••••• L••	unstated lien unstated	$239M	$239M 101c	S+450 bp	Sep 29, 2028
M••••••• H•••••••• L••	unstated lien unstated	$238M	$238M 100c	S+600 bp PIK 2.25%	Aug 19, 2027
D•• A••••••••• C••••	unstated lien unstated	$237M	$234M 100c	S+500 bp	Jun 13, 2031
S••••••• C••••• M••••••••• S•••••••• I•••	term loan lien unstated	$230M	$230M 101c	S+500 bp	Jul 31, 2031
C• N••• H•••••• L••	unstated lien unstated	$230M	$228M 101c	S+735 bp PIK 11.17%	Nov 26, 2029
P••• M••••• H•••••••• L••	equity equity	Not disclosed	$228M 106c
A•••••• H•••••••• I•••	unstated lien unstated	$227M	$227M 100c	S+475 bp	Jun 11, 2027
A••••• P•••••• I•••	unstated lien unstated	$227M	$227M 101c	S+525 bp	Oct 29, 2030
N•••• T••••• I•••	revolver lien unstated	$222M	$221M 101c	S+500 bp	Oct 14, 2032
J•••••• B••••• L••	delayed draw term loan lien unstated	$224M	$218M 98c	S+525 bp	Apr 15, 2028
C•• B•••••• L••	revolver lien unstated	$218M	$218M 101c	S+500 bp	Oct 2, 2030
O••• B•••••••• B••••• I•••	delayed draw term loan lien unstated	$217M	$217M 101c	S+475 bp	Dec 1, 2027
K••• B••••• L••	unstated lien unstated	$213M	$211M 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	$206M 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••	revolver lien unstated	$205M	$205M 100c	S+475 bp	Feb 10, 2028
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	$201M	$201M 101c	S+475 bp	Jun 3, 2031
P•••••• I••••••••• H•••••••• L••	unstated lien unstated	$199M	$199M 100c	S+575 bp PIK 9.60%	Dec 15, 2027
P•••••• I••••••••• H•••••••• L••	unstated lien unstated	$199M	$199M 100c	S+575 bp PIK 9.60%	Dec 15, 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.